Every month, Kate Faulkner and her team track the performance of each of the 32 London boroughs to see, how are they performing this year versus last; is the growth/decline more or less than the long term average; what and when was the highest house price growth ever; how much did prices fall during the last recession and are current property values more or less than the 2007/08 peak.http://www.property4media.com/images/uploads/gallery/466553/large/466553_num1054959.pdf
It was forecasted that London growth would really fall back in 2015, with some even predicting that prices will fall. So far, that doesn't seem to be true.
The first data received from Land Registry for January suggests London prices are 12% higher than they were the previous year. Of course, it depends on what Borough you are in, as each performs very differently.
Out of the 32 London boroughs, these tend to fall into five brackets, albeit one of those brackets only includes Kensington and Chelsea, which is the only borough with average house prices over £1m.
Average London house price brackets
Approximately 30% of London boroughs have average house prices of under £300k, which is traditionally the average price paid by a first time buyer in London.
Boroughs with average house prices from £600k to £1m include Islington, City of Westminster, Camden and Hackney.
Average London growth rates
There are currently three levels of year on year increases in London house prices, which are:-
+20% eg Newham and Waltham Forest
+16%-+19% eg Lewisham and Barking and Dagenham
Up to +15% eg Brent and Merton
Due to oversupply and a fall in demand, the worst performer for house price growth year on year, is Kensington and Chelsea, which has grown by a mere +7% year on year, which is even lower than their long term annual growth rate.
To find out how your borough is performing go here for further analysis.
