House prices in London have recovered the most from the global financial crisis, London lettings and estate agent Benham and Reeves has revealed.
Despite the Brexit slowdown, typical prices in the City of London are 89% higher than the pre-crisis peak of August 2007, rising from £474,000 to £898,000 in September 2019.
Marc von Grundherr, director of Benham and Reeves, said: “Despite the recent negative headlines about the London housing market, the capital has made the strongest recovery from the global financial crisis and continues to do so despite wider market uncertainty.
“This recovery also seems to extend to other parts of the South East of England and while these more inflated areas may have seen a drop in the rate of price growth of late, they remain the most durable on a long-term basis.
“Proof, if it was ever needed, that the UK property market is far tougher than many give it credit for and any momentary blip caused by the current landscape will leave no lasting damage.”
Other areas in the capital where the cost of property has increased are Hackney (88%), Waltham Forest (83%) and Lewisham (83%).
Outside of London, house prices in Cambridge increased the most between August 2007 and September 2019, rising from £275,000 to £456,000.
For the UK as a whole, prices have risen by 23% over the period.
By Michael Lloyd
Source: Mortgage Introducer