Conveyancing Solicitors London

Highlights of the London Property Market

Greater London has always been a goal for buyers in the UK, whether it is for people looking to move to one of the most important cities in the world, or businesses relocating closer to the most important commercial hub in the country.

The city needs no introduction: tourist attractions such as Westminster Abbey, the Tower of London, or the London Eye are sprinkled through the city for people to discover and enjoy. Many businesses have set up their headquarters in the bustling Central London, where some of the most famous brands constellate the busy streets.

The historical relevance of the City and the neighbouring boroughs cannot be overstated: a hub for arts, technology, and science, as well as the home of the Royal Family and the birthplace of one of the most successful civilisations in history.

Because of the size and variety of the property landscape in Greater London, doing as much research as possible before making an offer is crucial. No two boroughs are the same, meaning it is important to match your needs and budget to the right property.

Greater London House Price Trends

The average price of a house in Greater London is £523,376 according to the Office for National Statistics (ONS). This is a slight increase in the 12 months going to May 2024.

While representing the smallest increase in average house prices in 2024, houses in Greater London are still almost double the national average of £285,000. Flats fetch around £569,000 according to Rightmove, with terraced and semi-detached homes both north of £830,000.

It is important to notice the difference in prices and trends across different areas within Greater London. Areas in Central London have seen their average house prices fall over 20% in 2024, with many high net worth individuals looking to invest in property abroad. In Westminster, the average house prices went down by £273,521, reaching the (relatively) low figure of £932,585. The fall in prices of larger, luxurious properties may represent an opportunity for investors with the required capital and financial sense.

At the outer edge of the Greater London area, house prices have instead gone up in 2024, with Merton seeing the largest increase of 4.9% up to £587,986. The borough of Barking and Dagenham remains at the bottom of the price list at an average property price of £337,753. Properties in the suburbs are very appealing to new buyers, especially for younger individuals and families looking to move to London for the booming career opportunities or to be closer to relatives. The area is incredibly well connected, so even homes in the outskirts are often a few minutes away from trains or buses straight into the City.

How are the Schools in Greater London? 

The quality of education available in a new area is often a deciding factor for families with children, or couples planning to start a family soon. It is not surprising that Greater London is home to some of the highest rated schools in the UK according to ratings from the Office for Standards in Education (Ofsted). 92% of public-funded schools in the area have a Good or Outstanding rating, with many world-class private schools, colleges, and universities.

The borough of Kensington and Chelsea has the highest percentage of “Outstanding” rated schools in the country (67%), with 3 more Greater London boroughs making the national top ten (Hammersmith and Fulham, Richmond upon Thames, and Sutton).

For young adults seeking higher education, London is home to world-leading universities, such as the London School of Economics, the Imperial College of London, and King’s College. The variety of disciplines is second to none, with some of the most sought after courses in business, arts, and science.

Transport Links in Greater London 

Greater London is served by the iconic Tube - formally known as the London Underground. This dense network of 11 lines connecting the City to itself and the suburbs is a marvel of engineering, representing the first urban rapid transport system of its kind ever. Over one billion passengers use the Tube every year to commute, reach points of interest, or to attend events across the whole Greater London area.

Together with additional systems such as the Docklands Light Railway (DLR), Tramlink, and one of the most advanced bus systems in the world, the Tube allows commuters to travel daily from the outskirts into the City and vice versa with minimal delays, so living outside of the City is never an issue when it comes to transport.

Many train lines also cover the Greater London area and the surrounding zones, with almost 400 railway stations within the London Travelcard zones. 80% of daily commuters will use a mix of these systems to get to work, highlighting the efficiency of the network.

For longer routes out of the area, Greater London has many A Roads and M Roads linking it south to Brighton, east to Southend, west to Oxford, Heatrow and Reading, and north to Cambridge, Hertford, and the rest of England via the A1.

It is important to be aware that, as of August 2023, the whole of the Greater London area is subject to the Ultra Low Emission Zone (ULEZ). Cars which do not meet the Euro 4 petrol standard or Euro 6 diesel standard must pay a daily charge, which has discouraged the use of private car transportation in and out of the city.

Cycling is also a popular mode of transport, thanks to the many hire services across the area. Bikes from the Santander Cycles scheme can be found at 750 stations sprinkled throughout Greater London, allowing users to pick up a bicycle for their trip and park it at their destination for a small fee. Private bicycle ownership is also very popular, and it is estimated around half a million cycle journeys are made every day in Greater London.

Shopping and Leisure

Greater London is famous worldwide for its markets and shops, such as the Camden Market, Harrods, and Covent Garden. Global brands have always been prominent in the city, so the market and high streets all around Greater London will feature all your favourites.

As well as famous big brands, these markets are often an amazing display of local craftsmanship, with many independent sellers and businesses showing off their unique products for tourists and locals alike.

Nature lovers also flock to Greater London to explore its many parks, such as Hyde Park, the Royal Botanic Gardens, Richmond Park, Regent’s Park, the Kensington Gardens, and many more.

The music and arts scene in Greater London is second to none, with a virtually infinite number of venues (the O2, Royal Albert Hall, the Brixton), museums (the British Museum, the Natural History Museum, the Science Museum), and theatres (the Apollo, the Barbican, and the Adelphi).

Dining and Nightlife

London’s status as a cultural melting pot is undeniable. People from all over the world have made the city their home, bringing with them their culinary cultures and combining them with British and European staple dishes.

Even as recently as the start of the century, British chains and restaurants dominated the scene. Now, however, it would be difficult to walk for a few minutes without finding a variety of Jamaican, Indian, Portuguese, Italian, and East Asian restaurants. Establishments like the Ritz, the Wolseley, and the Savoy Grill now compete with the Indian Rasoi, Koli’s, and Elements Sushi, while cheaper options now feature a variety of street food made to the very highest standard of taste, quality, and authenticity.

For those late nights out, venues such as KOKO, Ministry of Sound and Electric Brixton consistently host the biggest artists and DJs on the global scene, making the nightlife in Greater London one of the most revered across the continent and the world.

Attractions and Activities

Activities in Greater London are incredibly varied, with something for both adults and children. The huge choice of museum and parks is only amplified by the many historical buildings, many related to the history of the Royal Family such as Buckingham Palace, the Tower of London, and Westminster Abbey.

There are many options for guided tours of landmarks and neighbourhoods, as well as the Chislehurst Caves and the world-famous Wembley Stadium. Other activities include tours of Charles Darwin’s house, visits to World War 2 landmarks and bunkers, and many Victorian-inspired history walks.

For the younger ones, Legoland Windsor is a must-visit, featuring a model of London built entirely out of the colourful bricks. Many theme parks, such as Thorpe Park, Chessington, and the Harry Potter Tour, are sure to keep children and adults smiling throughout the day.