Property prices across the country are on the rise. There are exceptions in some places of course, but across the board the average rates for first time buyers are still really high. It’s no surprise one of the worst hit areas is our capital, but there are areas within London that are higher still. Some of the most popular post codes have seen a seemingly endless rise.
For those thinking of investing in a property in London, or anywhere else for that matter, there are some helpful online tools such as the mortgage calculator. Data from the BBC has given us house price data for our local areas – here we take a look at what was found out.
Kensington and Chelsea
The South West of the city has always had a drawing effect for young business people with a little more money to spend but with the average property in Kensington and Chelsea reaching a whopping £1,449,883 even the young entrepreneurs are feeling the pinch. The average UK property value currently stands at only £226,887 this means the purchase of a house in Kensington and Chelsea will cost a new buyer 639% more than in many other cities in the country. This astonishing figure is seeing the younger population of the city such as the commuting community moving from the more expensive area of the city.
Fulham and Hammersmith
Just south of the Chelsea and Kensington area is Fulham and Hammersmith. It seems many of the young professionals looking to flee the rising cost of properties have found a home in Fulham. But as is always the case in a fast moving city such as London, as soon as an area becomes popular, the hose prices start to rise. For an average home in Fulham and Hammersmith you are looking at paying around £626,232. Still a substantial amount less than Chelsea but an amazing 240 per cent more than the national average. As more professionals move to the area in search of lower prices but the community of like-minded people, it looks as though Fulham and Hammersmith may be at the same stage as their Northern neighbours, forcing the new home buyers to yet another area of London.
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