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The borough with the highest property prices in London, Kensington and Chelsea, had an average price for a flat exceeding ** British pounds. London is the most populous metropolitan area in the UK, and living in it comes with a price tag. Unsurprisingly, the most expensive boroughs in terms of real estate prices are located in the heart of the metropolis: Kensington and Chelsea, the City of Westminster, and the City of London. In Kensington and Chelsea, home to several museums such as the Natural History Museum, the Victoria and Albert Museum, and the Science Museum, as well as galleries and theaters, the average price of apartments was over a million British pounds.

How have residential property prices developed in recent years?

The average house price in England have risen notably over the past decade, despite a slight decline in 2023. While London continues to be the hottest market in the UK, price growth in the capital has moderated. Conversely, prices in the more affordable cities, such as Belfast and Liverpool, have started to rise at a faster pace. 

Are residential property prices in London expected to grow in the future?

Despite property prices declining in 2024, the market is forecast to continue to grow in the next five years, according to a August 2024 forecast. Some of the reasons for this are the robust demand for housing, the chronic shortage of residential properties, and the anticipated decline in mortgage interest rates.