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July 22, 2010
House Prices In Central West London Surpass Pre-Crisis Peaks
Housing prices in London have taken a serious hit since the credit crisis, but now are on the rise. Prices dropped over 15% year-on-year between 2008 and 2009, erasing three years of growth. However, investors and homeowners may be able to see a light at the end of the credit crisis tunnel. Average housing prices in the boroughs of Westminster and Kensington and Chelsea have now surpassed their pre-crisis peaks. Prices in each of the two boroughs have increased 2% from their previous highs in May and June of 2008. These gains lead the revival of the overall London Housing market, which has now returned to levels seen three years ago. Much of this gain has to do with a lack of supply and increase in overseas investors driving prices up, but still indicates that the property market is returning to form.