Average Central London property tops £1.5m
According to the latest figures from specialist property fund and asset managers London Central Portfolio (LCP), property values in the two boroughs have grown on average by 10.64% a year over the last two decades.
However, given London’s highly mixed housing stock, average figures for the capital’s boroughs mask vast differences in property values and growth figures.
LCP data show that the SW1 area of Belgravia is home to the highest average property price of £4,405,741, replacing SW3 in Chelsea, which reigned supreme pre-recession.
SW7 in Knightsbridge is now second-most expensive, with an average property value of £4,064,674, while SW3 comes third at £3,448,195.
Reflecting the vast price diversity in PCL, the SW1V 3 area of Victoria that runs alongside the River Thames posted the lowest average price of £593,600, almost 7.5 times lower than the most expensive postcodes.
Price growth across all Prime Central London areas remained high across all postcodes, with even the lowest growth in SW1V 3 in Victoria coming in at a healthy 8.24% per annum.
As a general trend, the strongest price growth is seen to swing eastwards around Hyde Park – starting from St James and going up to Mayfair, Marylebone and Fitzrovia. These areas show an average growth rate of 12.7% and make up 7 of the top 10 performers.
The strong growth in these areas reflects the fact that they are in Central London’s epicentre, the best served by the Jubilee line which links to Canary Wharf, the Heathrow Express from Paddington, the Eurostar from Kings Cross and the soon to be completed Cross Rail.