Research 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
Share
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 19 prominently located branches and 11 international offices.