Barnet, Richmond and Ealing see house price spike as pandemic fuels outer London spree
House prices are heading upwards right across the country – but some London boroughs are doing better than others.
New data suggests outer London properties have benefitted from a spike in pandemic-era purchases, as inner London residents look for more space and existing suburban dwellers tire of the same four walls.
Properties in Barnet and Richmond increased by more than 9 per cent in 2020, according to new data from the Office for National Statistics.
Read more: House prices rise £2,500 in June but ‘early signs’ suggest market is slowing
Ealing and Merton rounded out the top four highest increases in the twelve months to December.
But the City of London and Westminster both saw prices fall as demand for central London addresses fell.
|Local authority name||Mean price (Dec 2020)||Year on year growth|
|City of London||832,350||-3.22%|
|Barking and Dagenham||322,000||2.22%|
|Kingston upon Thames||504,000||3.92%|
|Kensington and Chelsea||1,317,500||5.40%|
|Hammersmith and Fulham||775,000||6.16%|
|Richmond upon Thames||692,500||9.06%|
The average price of a property in Kensington and Chelsea passed £1.3m, whilst Barking remained the cheapest option for those looking to buy in the capital.
Read more: Housebuilder Bellway makes record land investment as house prices rocket