London Property Prices Have Stuttered Under Sadiq
5th May 2021
Research by the leading mortgage broker for global high-net-worth individuals, Enness Global Mortgages, has revealed how London house prices performed under the last three Mayors ahead of Thursday’s mayoral election.
Enness analysed house price growth from the start to the end of each mayoral term, covering the last five terms and the three individuals to have held the position.
The figures show that, with the exception of Boris Johnson’s first term as Mayor, which began during the property market crash, Sadiq Khan’s first term saw the lowest rate of house price growth of the periods analysed.
Since taking office in May 2016, London house prices have increased by 6.2%.
House prices rose by just 3% during Boris Johnson’s first term between May 2008 and 2012. However, his second term saw a far steeper increase of 54% before Sadiq Khan took office in 2016.
Across Johnson’s full time as Mayor between May 2008 and 2016, London house prices increased by 58%.
The strongest rate of growth across the periods analysed came during Ken Livingstone’s time as Mayor of London. During his two terms between May 2000 and 2008, house prices in the capital increased by 110%.
During Livingstone’s first term, London house prices rose by 61%. The rate of growth then fell to 30% during his second term.
Despite the lower overall rate of growth during Sadiq Khan’s first term, some London boroughs saw notable increases in average house prices. Barking and Dagenham recorded a 21% increase since 2016, while Newham saw prices rise by 19% and Waltham Forest by 18%.
However, house prices declined in some of London’s prime boroughs over the same period. The City of London saw average prices fall by 20%, while Hammersmith and Fulham recorded a 15% decline. Kensington and Chelsea saw prices fall by 5%, with Westminster down by 1%.
The research highlights the varying performance of London’s housing market across different mayoral terms and boroughs, with growth concentrated more heavily in some lower-priced areas of the capital during the period analysed.
