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£2M - The Average Price of Central London Property

23 July 2013

The average property in Prime Central London is now worth more than £2 million, according to figures released last month. The value of property in central hotspots including areas such as Chelsea and Kensington has risen by 9.3% in the past year and by 3.4% in the last quarter. Increased demand at a time of an acute shortage of stock is pushing prices higher. During the last quarter, 11% more buyers entered the market in competition for 14% fewer properties. While transactions across Prime London as a whole increased by 40% during the last quarter, the volume of transactions in central areas reduced by 38%.

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