London house prices have been a hot topic in the news and people are always interested to find out exactly where they can get the best value for money on the property ladder.
Recently, we have come across some research which has featured the most valuable places to live in Britain. The figures conducted by On Stride Financial has revealed the surging house prices has lifted the capital to be one of the most valuable cities in the world, with borough such as Chelsea and Kensington reaching a staggering £99 billion combined.
Mayank Garg, Head of Marketing for On Stride Financial, said: “House prices are constantly the talking factor in personal finance and people are keen to know what value they can get for their money.
“Therefore we conducted research to estimate the entire value of a city and determine the most expensive places in Britain.”
Recently, asking prices in Britain has fallen for the first time in 2014 and higher interest rates and stricter lending are enforced.
According to the Rightmove House Price Index, property values in London has fallen significantly by £2,116 with UK annual growth slipping for the first time in 12 months by 0.4% in July.
Renting being is a popular choice with young renters due to lower house prices primarily being situated in East London.
Should house prices continue to decline, the opportunity could open up for first-time buyers to get a foothold on the property ladder.
London house prices per square metre have seen a dramatic increase in percentage change. Some of the richest boroughs in 2009 have experienced an average house price increase over 50% in the past 5 years.
The figures on Cityam.com show that Lambeth was in the region to see the highest increase across London with a regional record of +61%, meaning a single square meter of a property has jumped from £3,180 to £5,180.
