During the past 20 years, house prices in London have surpassed those in the rest of the UK. The question is: by how much exactly?
At present, property prices in London are growing at their slowest pace in five years, but the level of capital growth over the past 20 years has been eye-opening.
A fresh analysis of property prices obtained from Land Registry data reveals that market values for homes across all of the London boroughs have gone up by an astounding average of 489% over the last two decades.
The average price for a London home was a mere £107,829 in February 1997. Flash forward two decades and the typical market value of a home is £638,368, which represents a massive increase of £530,539 for the price of a house in the capital.
In the City of Westminster, house prices have surged by an incredible 784% over the past 20 years, making it the fastest-growing borough in London in terms of property values.