The average house price in London increased slightly year-on-year as of June 2024, amid a slowdown in the UK housing market. Barking and Dagenham was the most affordable borough to buy a house, with an average price of ******* British pounds. Kensington and Chelsea stood at the other end of the spectrum, with an average price of *** million British pounds. Nevertheless, it was also one of the boroughs where prices fell the most. Demand for housing and house prices With vastly more job and cultural opportunities, megacities continue attracting people from all over the world. Since the beginning of the 1980s, the population of London has increased by more than 2 million inhabitants and in the next 20 years, it is forecast to increase by almost *** million. That makes London properties a valuable asset. Historically, property prices in London have risen steadily, albeit minor fluctuations. Residential properties transactions Since 2006, the number of residential property sales has varied between *** million and *** million transactions annually. The housing boom in 2021 led to an increase in home purchases, but the economic uncertainty, stubborn inflation, and dramatically higher interest rates have led to transactions falling.

The average mix-adjusted house price in London, England, peaked in August 2022, followed by a slight correction in 2023. In June 2024, the average house price amounted to about ******* British pounds, up from ******* British pounds a year ago. These recent fluctuations have also been observed by other measures, such as the house price index. The house price index is an important measure for the residential real estate market and is used to show changes in the value of residential properties.

Update 29-04-2020: The data is now split into two files based on the variable collection frequency (monthly and yearly). Additional variables added: area size in hectares, number of jobs in the area, number of people living in the area.

Context

I have been inspired by Xavier and his work on Barcelona to explore the city of London! 🇬🇧 💂

Content

The datasets is primarily centered around the housing market of London. However, it contains a lot of additional relevant data: - Monthly average house prices - Yearly number of houses - Yearly number of houses sold - Yearly percentage of households that recycle - Yearly life satisfaction - Yearly median salary of the residents of the area - Yearly mean salary of the residents of the area - Monthly number of crimes committed - Yearly number of jobs - Yearly number of people living in the area - Area size in hectares

The data is split by areas of London called boroughs (a flag exists to identify these), but some of the variables have other geographical UK regions for reference (like England, North East, etc.). There have been no changes made to the data except for melting it into a long format from the original tables.

Acknowledgements

The data has been extracted from London Datastore. It is released under UK Open Government License v2 and v3. The underlining datasets can be found here: https://data.london.gov.uk/dataset/uk-house-price-index https://data.london.gov.uk/dataset/number-and-density-of-dwellings-by-borough https://data.london.gov.uk/dataset/subjective-personal-well-being-borough https://data.london.gov.uk/dataset/household-waste-recycling-rates-borough https://data.london.gov.uk/dataset/earnings-place-residence-borough https://data.london.gov.uk/dataset/recorded_crime_summary https://data.london.gov.uk/dataset/jobs-and-job-density-borough https://data.london.gov.uk/dataset/ons-mid-year-population-estimates-custom-age-tables

Cover photo by Frans Ruiter from Unsplash

Inspiration

The dataset lends itself for extensive exploratory data analysis. It could also be a great supervised learning regression problem to predict house price changes of different boroughs over time.

The average price of houses bought by first-time buyers was notably lower than houses purchased by repeat buyers in London in 2023. Homebuyers spent on overage 383,000 British pounds when purchasing their first property in 2023. For repeat buyers, this figure amounted to 657,000 British pounds in that year. In London, the average house price was about 590,000 British pounds in 2023.

Median price paid for residential property in England and Wales by property type and electoral ward. Annual data.

The house price index in London reached 129.9 index points in June 2024, which was an increase from a year ago, despite a mild correction. The house price index (HPI) is an easy way of illustrating trends in the house sales market and help simplify house purchase decisions. By using hedonic regression, the index models property price data for all dwellings and shows how much the price has changed since January 2015. How have regional house prices in the UK developed? House prices in other UK regions have risen even more than in London. In the North West, the house price index exceeded 160 index points, ranking it among the regions with the highest property appreciation. The UK house price index stood at 151 index points, suggesting an increase of 51 percent since 2015. Average house prices Location plays a huge role in the price of a home. Kensington and Chelsea and City of Westminster are undoubtedly the most expensive boroughs in London, with an average house price that can exceed one million British pounds. In comparison, a house in Barking and Dagenham cost approximately one third. Nevertheless, the housing market is the busiest in the boroughs with average house prices.

This page is no longer being updated. Please use the UK House Price Index instead.

Mix-adjusted house prices, by new/pre-owned dwellings, type of buyer (first time buyer) and region, from February 2002 for London and UK, and average mix-adjusted prices by UK region, and long term Annual House Price Index data since 1969 for London.

The ONS House Price Index is mix-adjusted to allow for differences between houses sold (for example type, number of rooms, location) in different months within a year. House prices are modelled using a combination of characteristics to produce a model containing around 100,000 cells (one such cell could be first-time buyer, old dwelling, one bedroom flat purchased in London). Each month estimated prices for all cells are produced by the model and then combined with their appropriate weight to produce mix-adjusted average prices. The index values are based on growth rates in the mix-adjusted average house prices and are annually chain linked.

The weights used for mix-adjustment change at the start of each calendar year (i.e. in January). The mix-adjusted prices are therefore not comparable between calendar years, although they are comparable within each calendar year. If you wish to calculate change between years, you should use the mix-adjusted house price index, available in Table 33.

The data published in these tables are based on a sub-sample of RMS data. These results will therefore differ from results produced using full sample data. For further information please contact the ONS using the contact details below.
House prices, mortgage advances and incomes have been rounded to the nearest £1,000.
Data taken from Table 2 and Table 9 of the monthly ONS release.

Download from ONS website

The simple average house price for terraced houses in London declined in 2023 after soaring for three years straight. In 2023, the average price amounted to 689,000 British pounds. In 2002, homebuyers could buy three comparable properties for the same price. Additionally, buying purchasing a terraced house in London was about 400,000 British pounds more expensive than the national average.

Median price paid for residential property in England and Wales, by property type and Middle layer Super Output Area (MSOA). Quarterly rolling annual data. Formerly HPSSA dataset 2.

Median price paid for residential property in England and Wales, by property type and administrative geographies. Annual data.

Housing Index in the United Kingdom decreased to 511.60 points in June from 511.80 points in May of 2025. This dataset provides - United Kingdom House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Quarterly house price data based on a sub-sample of the Regulated Mortgage Survey.

The UK housing market continued to show significant regional variations in 2025, with London maintaining its position as the most expensive city for homebuyers. The average house price in the capital stood at 555,625 British pounds in February, nearly double the national average. However, the market dynamics are shifting, with London experiencing only a modest 1.7 percent annual increase, while other cities like Belfast and Liverpool saw more substantial growth of over nine percent respectively. Affordability challenges and market slowdown Despite the continued price growth in many cities, the UK housing market is facing headwinds. The affordability of mortgage repayments has become the biggest barrier to property purchases, with the majority of the respondents in a recent survey citing it as their main challenge. Moreover, a rising share of Brits have reported affordability as a challenge since 2021, reflecting the impact of rising house prices and higher mortgage rates. The market slowdown is evident in the declining housing transaction volumes, which have plummeted since 2021. European context The stark price differences are mirrored in the broader European context. While London boasts some of the highest property prices among European cities, a comparison of the average transaction price for new homes in different European countries shows a different picture. In 2023, the highest prices were found in Austria, Germany, and France.

The average house prices for detached and semi-detached dwellings in London declined in 2023 after several years of strong growth. In 2023, the simple average price of a detached house amounted to 1.14 million British pounds, which was a decline from the previous year when the average price was 1.21 million British pounds. Semi-detached houses were notably less expensive, with the average price totaling 749,000 British pounds in 2023.

Summary of UK House Price Index (HPI) price statistics covering England, Scotland, Wales and Northern Ireland. Full UK HPI data are available on GOV.UK.

Average house prices are affected by several factors: Economic growth, unemployment, interest rates and mortgage availability can all affect average prices. A shortage of supply means that the need for housing and, therefore, competitive market created will push up house prices, whereas an excess of housing means prices fall to stimulate buyers. Location, location, location In December 2023, the average house price in England was more expensive than in any other country. This huge disparity in average house prices is in no small part down to the country's capital city, where the average asking price was more than double that of the UK’s average. Even in London, for those who can afford a mortgage, the savings made through buying over renting can be beneficial. House prices still set to grow In 2024, the number of housing transactions in the UK is set to fall to 1.1 million. With the expected decline in transactions, the average house price is also set to stagnate across the UK.

This table shows the average House Price/Earnings ratio, which is an important indicator of housing affordability. Ratios are calculated by dividing house price by the median earnings of a borough.

The Annual Survey of Hours and Earnings (ASHE) is based on a 1 per cent sample of employee jobs. Information on earnings and hours is obtained in confidence from employers. It does not cover the self-employed nor does it cover employees not paid during the reference period. Information is as at April each year. The statistics used are workplace based full-time individual earnings.

Pre-2013 Land Registry housing data are for the first half of the year only, so that they are comparable to the ASHE data which are as at April. This is no longer the case from 2013 onwards as this data uses house price data from the ONS House Price Statistics for Small Areas statistical release. Prior to 2006 data are not available for Inner and Outer London.

The lowest 25 per cent of prices are below the lower quartile; the highest 75 per cent are above the lower quartile.
The "lower quartile" property price/income is determined by ranking all property prices/incomes in ascending order.
The 'median' property price/income is determined by ranking all property prices/incomes in ascending order. The point at which one half of the values are above and one half are below is the median.

Regional data has not been published by DCLG since 2012. Data for regions has been calculated by the GLA. Data since 2014 has been calculated by the GLA using Land Registry house prices and ONS Earnings data.

Link to DCLG Live Tables

An interactive map showing the affordability ratios by local authority for 2013, 2014 and 2015 is also available.

According to the forecast, house prices in London are expected to fall slightly in 2024, followed by a recovery in the following years. The decline can be explained with the cost of living crisis and the dramatic increase in borrowing costs. As the economy recovers in the next five-years, house prices for mainstream properties are forecast to rise by almost ** percent. In 2023, the average house price in London ranged between ******* British pounds and *** million British pounds, depending on the borough. Barking and Dagenham, Bexley, Newham, and Croydon were some of the most affordable boroughs to buy a house.

Average House Prices: England: London在2020-05达479,018.000 GBP，相较于2020-04的484,597.000 GBP有所下降。Average House Prices: England: London数据按月度更新，2005-01至2020-05期间平均值为308,962.000 GBP，共185份观测结果。该数据的历史最高值出现于2017-07，达488,527.000 GBP，而历史最低值则出现于2005-03，为231,263.000 GBP。CEIC提供的Average House Prices: England: London数据处于定期更新的状态，数据来源于HM Land Registry，数据归类于Global Database的英国 – Table UK.EB016: Average House Prices: HM Land Registry。