The latest figures show that the average price paid by a first time buyer purchasing property in London was last recorded at £256,169 as of July 2024. This value is based upon the average value of completed property transactions in July.
Average prices paid by a first time buyer for properties in London have increased substantially in the last decade. Back in January 2012, the average price paid by a first time buyer stood at £256,168. Fast forward to January 2012, and the average price has increase to £256,168, representing a growth of 0% over 0 years.
This substantial increase for first time buyers in London far outpaces broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep rise in prices paid by first time buyers in London over the past decades.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
The latest figures from July 2024 indicate the property market in London continues to show falling price trends. Compared to June, 2024, average prices decreased by -0.3% to £520,747. On an annual basis, average property prices have decreased -0.4% since 12 months ago.
In terms of sales activity, there were 3303 residential property transactions completed in London during July, 2024. Of these purchases, 2030 were financed with a mortgage while 528 were all-cash sales. For cash buyers, average prices have changed by -1.5% since June, 2024, coming in at around £529,796. For properties purchased with a mortgage, the average price changed by 0.1% since June, 2024, to £517,157.
Compared to the overall picture in its national parent England, the average property price in London are higher than the current national average of £305,879. While London saw a change of -0.3% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, more than the -0.4% yearly change seen in London.
Interested in purchasing a property in London? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in London by housing type
Prices last recorded in July, 2024
average
£520,747
detached
£1,037,009
flat
£430,694
semi-detached
£674,371
terraced
£574,227
Prices by housing type in London
Recent data shows that price growth has varied across different property types in London over the last year. For terraced houses, property prices changed by 0.6% between July 2024 and June 2024 to reach £574,227, and changed by 0.3% over the last 12 months. The annual change was greater than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a fall in average prices locally, taking them to £674,371 in June 2024. This represents a -0.2% change from the same month last year.This is underperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in London gained 1% month-over-month to reach an average of £1,037,009. Annually, detached property values have changed by -1.2%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices decreased by -0.9% between July and June 2024, hitting £430,694. Over the last 12 months, apartment values have changed by -0.6%, lagging England's flat and apartment growth rate of 0.4%.
Overall, terraced properties have seen the strongest price momentum locally over the past year, with a change of 0.3%, while detached properties lagged, with a change of -1.2%.
Recent purchases in London
According to data from HM Land Registry, there were 3303 completed property purchases in the area of London in July 2024. Of these sales, 528 were recorded as cash purchases whilst 2030 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 0% and the percentage of properties purchased with cash has changed by -1.6%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in london.
Ground rent is a common aspect of home ownership in England and Wales, yet it remains poorly understood by many homeowners and property buyers. When you purchase a leasehold prop...
When purchasing property in the UK, buyers will inevitably encounter the terms 'freehold' and 'leasehold'. These refer to the two predominant forms of property ownership in the c...
For most homebuyers, the deposit is one of the biggest obstacles to purchasing a home. Saving enough for a deposit on a house can take years of disciplined saving and budgeting....
The housing market in the United Kingdom has seen significant changes over the past few years. Most notably, house prices have started to decline after hitting record highs in mi...
For many people, owning their own home is a major life goal and source of pride. However, getting onto the property ladder can be extremely difficult these days, especially for p...
Canary Wharf is located in East London, part of the Isle of Dogs in the borough of Tower Hamlets. It sits within London's Zone 2, just east of the City of London financial distri...
