House prices in Britain may be booming once more.
But unlike the bubble of the last decade, this one is very narrowly focused. In fact, it’s really only London that’s seen any growth since the previous national average house price peak in 2008.
Good news for Londoners. But they should put down the champagne: in fact, most of them haven’t benefited that much at all.
Most areas have seen some price growth since 2008. But there are just a handful of stand-out winners. And – yes, even in London – some people have actually seen their house prices fall.
The clearest winners are the two historic cities: London and Westminster. Yes, prices there really have soared since 2008. The average house price in Westminster topped £1m for the first time last year and is now at £1.3m; up from £746,000 five years earlier.
Perhaps more surprisingly, two rather more down-at-heel boroughs, Southwark and Hackney, are also seeing booming prices. They’ve even managed to push perhaps the most desirable borough of them all, Kensington & Chelsea, into fifth place. Read more