Anyone who takes an interest in the property market will have noticed that house prices in London are falling.

This news has been emblazoned across newspapers, websites and TV screens, as it’s proclaimed to be a ‘buyer’s market’ in the capital.

It’s true that average property prices fell last year across the capital, by 0.5% according to Nationwide, although of course it depends which house price index you read.

However, according to buying agent James Pendleton a third of homes in London actually saw hikes in price over the last year, distorting the notion of a slump in the capital.

It said that North Kensington (W10), The Olympic Park (E20) and West Wimbledon (SW20) saw the most dramatic asking price rises in 2017, increasing by a massive 27.6%, 20.3% and 15.2% respectively.

The London property market isn’t homogeneous, and many postcodes have seen strong rises. However, it’s also important to point out that asking prices are not the same as agreed prices, or even sold prices. Remember that many homes for sale won’t sell at their original asking price, if at all.

Asking price boost

In cash terms, asking prices rose £250,000 in North Kensington (W10) in 2017, while South Lambeth (SW8) homes enjoyed a £177,000 boost.

In fact, asking prices increased by at least 5% in more than one in 10 (12%) of the capital’s postcode districts last year.

Lucy Pendleton, founder director of independent London estate agents James Pendleton, said: “London homeowners needn’t despair in spite of relatively gloomy Nationwide figures.

“It is important to remember that statistics like these always smooth out radical differences between different areas rather than drilling down to specific neighbourhoods.

“This means that big differences in the fortunes of districts that can have their own economic weather system are lost unless you look closer at what’s actually happening at ground level in much of the capital.”