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Home Press releasesProperty marketPrime property values increase by as much as £808 per day over the last year

Prime property values increase by as much as £808 per day over the last year

Research from London lettingsResearch from London lettings and estate agent, Benham and Reeves, has found that prime London property values have increased by £285 per day over the last year, with this daily rate of house price appreciation climbing to £808 per day in the best performing areas.

The analysis of London’s 28 most prestigious pockets of the property market found that, on average, prime London homes are now commanding over £1.1m in the current market, up 10.3% in the last year alone. This equates to a total increase in value of £103,874 in just 12 months, meaning homeowners have seen an increase to the tune of £285 each and every single day over the last year.

Knightsbridge has seen the best performance in this respect. The average value of a home has climbed by 20.7% in the last year to just over £1.7m. As a result, homeowners in the neighbourhood have enjoyed a £808 daily rate of house price appreciation.

Chelsea is hot on the heels of Knightsbridge, where house prices have increased at £743 per day in the last year, now averaging just over £1.65m.

Prime homeowners in Victoria (+£575 per day) and St John’s Wood (+£510 per day) have enjoyed a daily increase of over £500, with Notting Hill also making the top five with an increase of £495 per day.

Other areas where house prices have seen the largest daily rate of increase include Kensington, Highgate, Fulham, Barnes and Chiswick.

In fact, just one area of the prime market has failed to yield a daily uplift in value. The average house price in Canary Wharf has actually declined by -1.8% in the last year. This £11,031 reduction in property values equates to a loss of £30 per day.

Director of Benham and Reeves, Marc von Grundherr, commented:

“We’ve been highlighting the returning health of London’s top tier property market for quite some time now and the proof of this return to form is very much in the pudding.

Over the last year, property values have climbed almost across the board, with Canary Wharf being the only exception, and no doubt still thawing from the pandemic freeze that saw demand from professional buyers plummet.

In the vast majority of neighbourhoods, we’re not just seeing incremental gains, we’re seeing some really quite notable increases in value. So much so, that the average homeowner is seeing the value of their property climb by hundreds of pounds a day.

This has largely been driven by foreign demand, with travel restrictions and Covid protocols no longer complicating the process of purchasing a primary or secondary residence within the capital.”

Area Prime category Ave price – Jul 2021 Ave price – Jul 2022 Difference annual £ Difference annual % Difference £ per day
Knightsbridge Prime C London £1,427,279 £1,722,320 £295,041 20.7% £808
Chelsea Prime C London £1,383,994 £1,655,185 £271,191 19.6% £743
Victoria Prime C London £1,240,853 £1,450,597 £209,744 16.9% £575
St John’s Wood Prime C London £974,781 £1,160,780 £185,999 19.1% £510
Notting Hill Prime C London £1,167,808 £1,348,594 £180,786 15.5% £495
Kensington Prime C London £1,589,328 £1,757,245 £167,917 10.6% £460
Highgate Prime NW London £827,487 £986,656 £159,169 19.2% £436
Fulham Prime SW London £873,612 £1,028,912 £155,300 17.8% £425
Barnes Prime SW London £1,199,691 £1,351,982 £152,291 12.7% £417
Chiswick Prime SW London £810,894 £946,204 £135,310 16.7% £371
Holland Park Prime C London £1,427,773 £1,559,434 £131,661 9.2% £361
Richmond Prime SW London £796,011 £919,792 £123,781 15.6% £339
Hampstead Prime NW London £1,023,716 £1,144,059 £120,343 11.8% £330
Belgravia Prime C London £1,012,698 £1,109,480 £96,782 9.6% £265
Pimlico Prime C London £1,012,698 £1,109,480 £96,782 9.6% £265
Regents Park Prime C London £783,501 £877,960 £94,459 12.1% £259
Wandsworth Prime SW London £669,872 £732,890 £63,018 9.4% £173
Battersea Prime SW London £760,029 £822,298 £62,269 8.2% £171
Maida Vale Prime C London £755,214 £817,185 £61,971 8.2% £170
Wimbledon Prime SW London £683,143 £714,743 £31,600 4.6% £87
Islington Prime N London £691,723 £720,550 £28,827 4.2% £79
Clapham Prime SW London £687,747 £712,349 £24,602 3.6% £67
Wapping Prime E London £534,674 £552,092 £17,418 3.3% £48
Putney Prime SW London £672,971 £690,112 £17,141 2.5% £47
Marylebone Prime C London £1,439,074 £1,454,781 £15,707 1.1% £43
Fitzrovia Prime C London £1,543,491 £1,555,807 £12,316 0.8% £34
Mayfair Prime C London £1,541,642 £1,549,727 £8,085 0.5% £22
Canary Wharf Prime E London £603,944 £592,913 -£11,031 -1.8% -£30
Average £1,004,845 £1,108,719 £103,874 10.3% £285
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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 15 international offices.

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