Did you know Greater London is made up of 32 boroughs? Each London borough is run by a local council, and they have a variety of different average house prices. It can be a little confusing, for Americans, perhaps the closest association might be to New York’s 5 boroughs or the 8 wards of Washington DC. Check out this map which highlights the 12 boroughs considered inner London versus the other 20 that are outer London.
In addition, The City of London, the historic centre, is in a class by itself as a separate ceremonial county and local government authority. It is the first settlement of London going back to Roman times of 1 AD.
In today’s article, I wanted to share the cheapest to the most expensive boroughs to live in London, and we’ll focus on the 12 inner boroughs, as well as the City.
We’re basing this off of this MyLondon article which shares average property prices for all 32 London boroughs, while the primary data comes from Rightmove. The list below is in order from low to high based on average sales price, so you can assess the locations based on your budget.
Average property prices in Lewisham – Southeast London
- Average: £511,438
- Flats: £374,700
- Terraced: £695,106
- Semi-detached: £807,500
Here you can get a great 2 bedroom, share of freehold flat in Manor Park, SE13 for £425,000 .
Average property prices in Tower Hamlets – West London
- Average: £526,545
- Flats: £492,640
- Terraced: £859,143
- Semi-detached: N/A
Here you can get a great 3 bedroom flat for £650,000 in Talbert Walk.
Average property prices in Greenwich – South East London
- Average: £592,063
- Flats: £497,528
- Terraced: £861,463
- Semi-detached: £1,122,898
Here you can get a lovely Victorian end of terrace house for £1.195M. At 1,661 square foot, this equates to £719/Sq.F
Average property prices in Hackney – North East London
- Average: £671,011
- Flats: £523,258
- Terraced: £1,137,631
- Semi-detached: £1,288,920
Average property prices in Islington – North London
- Average: £851,819
- Flats: £655,170
- Terraced: £1,502,408
- Semi-detached: £2,122,494
Islington is now considered prime central London for many given its proximity to the City of London. Here this four-bedroom terraced house on Hornsey Lane, N6 will cost you £1.9M which is hard to get your head around.
Average property prices in Lambeth – considered south London
- Average: £876,802
- Flats: £817,104
- Terraced: £1,109,738
- Semi-detached: £1,597,333
I was surprised that the average price for Lambeth was so high as it’s considered one of the best value areas for central London.
You can get this 2 bedroom, 2 bath flat that is 667 square feet on Belevedre Road, SE1 for £600K.
Average property price in Wandsworth – South west London
Next up is Wandsworth, a leafy community in southwest London.
- Average: £890,886
- Flats: £572,089
- Terraced: £1,096,026
- Semi-detached: £1,850,992
If you really want to go grand for a freehold house, you can get this £3.15M 5 bedroom, 4 bath house on St. James’s Drive on the doorstep of Wandsworth Common.
By the way, if you want to know the difference between leasehold, share of freehold and freehold properties which are different types of ownership structures, check out my video that explains the differences.
Average property price in the City of London – Central London
- Average: £971,726
- Flats: £949,101
- Terraced: £1,596,745
- Semi-detached: N/A
While it’s the oldest part of London, it is actually dominated by many new build towers. So, if you’re an international banker working horrendous hours and you want to be near where you work, then maybe this 3 bedroom, 3 bath flat at the yet to be completed Bishopsgate Plaza is for you. It will deliver later this year and have everything you need to relax and luxuriate, including access to the 5-star amenities of Europe’s first Pan Pacific hotel.
Average property price in Hammersmith and Fulham – West London
- Average: £976,046
- Flats: £785,964
- Terraced: £1,340,854
- Semi-detached: £1,762,108
Average property price in Southwark – South east London
- Average: £983,148
- Flats: £615,000
- Terraced: £1,111,444
- Semi-detached: £980,446
Yes, Southwark flats are weirdly pricey, but at £600,000 this one is a bargain.
Average property price in Camden – North west London
Since the Camden borough includes not just the area of Camden, but also affluent areas such as Primrose Hill, I think that’s why these figures come in surprisingly high.
- Average: £1,068,735
- Flats: £816,940
- Terraced: £1,886,554
- Semi-detached: £2,167,750
Known for its pastel-coloured terrace homes, you can also find one of the most expensive homes currently on the market which is this £28.5M listing on Elsworthy Road in Primrose Hill. For the money you get an 8 bedroom, 9 bath beautifully refurbished and interior designed home of over 10,000 square feet. You get a lift that will access all 4 floors, as well as a circular driveway (but no garage) and a private garden that has direct access to magnificent communal gardens. As a wonderful bonus, you are directly opposite Primrose Hill park with its incredible views of London.
Average property prices in Westminster – Central London
Known as the seat of British government, Westminster is one of the most well known boroughs in London.
- Average: £1,262,783
- Flats: £1,235,211
- Terraced: £1,570,667
- Semi-detached: £2,600,000
Located along the river, you can live in this luxurious flat at Millbank with Westminster and Parliament in easy walking distance. You’ll have 24-hour concierge, state-of-the-art pool, gym, treatment rooms, private cinema room and a large private terrace.
Average property prices in Kensington and Chelsea – Central to west London
- Average: £2,073,621
- Flats: £1,337,200
- Terraced: £3,989,554
- Semi-detached: £10,341,875
This two-bedroom flat on Oakley Street costs £1.4 million, and at 994 Sq. Ft. it comes in at £1,400/SF which is roughly what you’d expect for the area.
If you want to see what a £10M budget will get, well you can get this 5 bedroom terraced house. It’s grade II listed and comes with its own garden as well as access to communal gardens and underground parking.
So what did you think of the summary of the inner London boroughs, were you surprised by any of the average prices? If you want to know more about specific areas of London or you’d like to invest in London and don’t know where to start, please connect with me.