If you are planning to move to London, one of the most essential things that you need to consider is the cost of housing. The price of a house in London varies depending on several factors such as location, size, and type of property. In this article, we will take a closer look at how much houses cost in London.
Factors Affecting the Cost of Houses in London
There are several factors that affect the cost of houses in London. These factors include:
- Location: The location of the property is one of the most significant factors that affect its price. Houses located in central London or prime locations tend to be more expensive than those situated on the outskirts.
- Size: The size of a house is another crucial factor that affects its price.
Larger homes tend to be more expensive than smaller ones.
- Type of Property: The type of property also affects its price. For instance, flats or apartments are generally less expensive than detached houses.
- Age and Condition: The age and condition of a property can also have an impact on its price. Newer properties, for example, may be more expensive than older ones.
Average House Prices in London
According to recent data from Zoopla, the average house price in London is approximately £655,000. However, this figure varies depending on location and type of property.
London Boroughs with High House Prices
Some areas in London have significantly higher house prices than others. Here are some examples:
- Kensington and Chelsea: Kensington and Chelsea is known for being one of the wealthiest areas in London with an average house price of around £2.2 million.
- Westminster: Westminster is home to some of London’s most iconic landmarks such as Buckingham Palace and the Houses of Parliament. The average house price in this area is approximately £1.4 million.
- Camden: Camden is a trendy area that is popular with young professionals, artists, and musicians. The average house price in this borough is around £800,000.
London Boroughs with Lower House Prices
While some areas have high house prices, there are also more affordable options available. Here are some examples:
- Barking and Dagenham: Barking and Dagenham is one of the most affordable boroughs in London with an average house price of around £300,000.
- Bexley: Bexley has a suburban feel to it and offers more affordable housing options than central London. The average house price in this borough is approximately £400,000.
- Newham: Newham has undergone significant regeneration over the years and now offers more affordable housing options than other parts of London. The average house price in this borough is around £410,000.
In Conclusion
In summary, the cost of houses in London varies depending on several factors such as location, size, type of property, age, and condition. While some areas may have higher house prices than others, there are also more affordable options available if you are willing to look further afield from central London.