So far this year, house price growth has been observed in merely four London boroughs, with soaring property values noted in remote scenic areas.
Ealing stands out as experiencing the most robust house price growth in London over the past year, defying the overall downward trend in the country's property market.
According to Halifax, property prices in the west London borough surged by 7.5 percent to £531,137, marking an increase of £37,027 to the average home value in just one year.
Research indicates that across the UK, the average house price dropped by 3.9 percent between Q3 2022 and the same period in 2023.
On a more localized scale, among over 300 local authorities in the country, only 70 witnessed an increase in house prices, with the most significant price rises occurring in more affordable areas outside the capital.
Ealing secured the sixth position on the top 10 list, followed by Westminster and the City of London, both experiencing a 7.4 percent increase in house prices, amounting to £767,350.
Only two other London boroughs saw growth in the last year: Haringey, up by 1.7 percent (to £530,584), and Southwark, up by merely 0.3 percent (to £481,589).
Referred to as the Queen of the Suburbs by architectural historian Nikolaus Pevsner, Ealing has witnessed significant investment, with billions of pounds poured into its Zone 3 town center, resulting in the development of thousands of new homes, shops, and leisure facilities.
This development can be largely attributed to the arrival of Crossrail in the area, significantly reducing travel times to central London, with journeys to Paddington taking only 12 minutes and 25 minutes to Tottenham Court Road.
The limited number of homes in Westminster and the City of London can cause house price data to fluctuate in these boroughs, and the increase reported by Halifax data might not represent the broader London market entirely.
A separate report from LonRes revealed a 3.3 percent decrease in prime London sold prices, bringing prices in line with early 2014 levels.
UK Property Prices:
The most substantial price growth in the country occurred in Powys, Wales, with property values soaring by 17.4 percent, elevating the average house price in this vast, thinly populated area to just under £254,000.
Following Powys, East Lindsey in the East Midlands witnessed the next highest surge, with prices rising by 13.3 percent to £220,421. Moray in Scotland experienced a 10.7 percent increase in prices, reaching £179,606.
Babergh in the East of England saw a rise of 10.3 percent to £350,000, while Sunderland in the North East recorded an 8.9 percent increase, reaching £150,862.
"There are numerous factors influencing house prices in your local area, ranging from property availability and new housing developments to school quality and job opportunities," stated Kim Kinnaird, director of Halifax Mortgages.
"It's evident that the UK housing market doesn't perform uniformly across the country; there are variations. Despite the overall decline in property prices nationally due to mortgage affordability constraints, several regions continue to witness pockets of house price growth. Limited property supply might be a contributing factor, but it also suggests strong local market activity and buyer demand in certain areas.
"Many of the locations highlighted in our research benefit from remote or rural settings and encompass areas of exceptional natural beauty. These qualities continue to be desirable for potential homeowners, deviating from the overall trends in the housing market."
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