House Prices in London, Greater London

# London Property Market Summary

London's property market demonstrates remarkable scale, with over 1.25 million properties recorded and a current average price of £536,330. The capital has experienced notable price volatility over recent years, with average transaction values peaking at £1,239,599 in 2018 before entering a period of adjustment. The market saw relatively stable pricing between 2017-2023, maintaining values above £1.1 million, though a significant correction emerged in 2024 with average prices falling to £957,810. Transaction volumes have fluctuated considerably, from a high of nearly 70,000 sales in 2017 to just 47,004 in 2023, before recovering somewhat to nearly 65,000 sales in 2024.

The recent downward price trajectory, with 2025 figures showing averages of £971,797 and early 2026 data indicating further softening to £894,382, suggests a market recalibration following the post-pandemic period. This adjustment likely reflects broader economic pressures including rising interest rates and affordability challenges. London remains one of the UK's most dynamic and diverse property markets, offering everything from historic townhouses to modern high-rise developments, though the substantial gap between the overall average price (£536,330) and recent annual transaction averages (consistently above £1 million) indicates a market with significant variance across property types and boroughs.