London Still Top for Property Investment

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Despite fears over Brexit, London still remains the top UK performer for property investment over the last ten years.

Research carried out by sales and letting agent Benham and Reeves reveals that Inner London has seen property prices increase by more than double the national average since the global financial crisis induced recession ended in the second quarter of 2009.

Since then average property prices in the UK have increased by 45 per cent, up from £159,561 to £230,630 now.

Whilst Northern Island is yet to recover, the rest of the UK has seen positive growth over the last decade, but nowhere more so than the capital where prices have risen by 86 per cent over the same period, with Inner London even higher at 94 per cent.

Although high prices have driven many buyers to look beyond the capital to the surrounding counties, commuter belt house price growth has also trailed the capital since the downturn, increasing by 72 per cent – 14 per cent less than the capital.

Director of Benham and Reeves, Marc von Grundherr, commented: ‘Much has been made about the demise of London since the EU Referendum and the resulting slowdown in house price growth, attributed largely to a withdrawal of foreign interest and investment.

‘However, London remains the pillar of the UK property market and the ultimate jewel in the crown for both native and foreign investors. In fact, the number of EU residents buying in London alone is up from 10 per cent in 2015 to 14 per cent in 2018.’

He continued: ‘London homeowners emerged from the recession with the value of their property significantly lower than it was previously but in the decade since, house price growth has been very fruitful, and London has remained ahead of the rest of the UK.’

Property Price Changes Over Last Decade

Region

Av. House Price (Jun-09)

Av. House Price (Nov-18)

Percentage Change

London

£253,596

£472,901

86%

East of England

£173,800

£294,530

69%

South East

£199,318

£323,876

62%

South West

£177,983

£260,177

46%

East Midlands

£133,112

£192,061

44%

West Midlands

£139,485

£197,387

42%

Wales

£125,948

£161,499

28%

North West

£128,858

£162,717

26%

Yorkshire and Humber

£128,130

£160,155

25%

Scotland

£132,049

£150,638

14%

North East

£120,823

£132,257

9%

Northern Ireland

£141,489

£135,060

-5%

Inner London

£296,092

£573,174

94%

Outer London

£227,006

£426,710

88%

Commuter Belt

£211,070

£363,176

72%

UK

£159,561

£230,630

45%

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