London house prices: Land Registry figures reveal the average cost of buying now tops £439,000

The Land Registry figures for the month of May reveal London house prices are still rising in most of the capital's boroughs.

The average price of buying a London home has risen to £439,719, according to the latest Land Registry figures. The latest figures, which are for sales that have been completed and registered during the month of May 2014, record an 18.5 per cent hike in house prices across the capital during the past 12 months.

IMAGE GALLERY: THE AVERAGE COST OF BUYING IN EVERY LONDON BOROUGH



However, Peter Rollings, CEO of Marsh & Parsons, comments: “London, where property is still in much higher demand, continues to be in a league of its own and unrepresentative of the UK market as a whole. However, the figures for April show a natural levelling off of the market with a monthly price increase of 2.5 per cent compared with 4.2 per cent in April, dispelling rumours of a housing bubble in the capital.” 

In comparison, the average house price for England and Wales has slightly reduced since April, and now stands at £172,035.

The north-east London borough of Waltham Forest has had the highest annual price increase of  26.3 per cent, increase taking the average price of buying a property in areas such as Chingford, Leytonstone and Walthamstow to £327,784. 

> READ MORE: Why is everybody moving to Waltham Forest?



Wandsworth recorded the highest monthly increase and Redbridge the lowest. The borough of Brent was the only one of the capital's boroughs to record a price fall of -0.6 per cent.
 


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