How much is your central London home worth? The latest UK House Price Index reveals the value of all sold property.
Buying residential property in any part of central London is a lifestyle choice that offers financial benefits.
UK house prices have been as good as gold for more than 10 years. In June 2006, for example, the average price of property in the City of Westminster was £440,489.
A decade later, that figure had jumped to £1,028,617.
In comparison, in June 2006 the price of gold sank from $730 an ounce to $543. Today, it is valued at $1,157.35 an ounce.
Property in central London will retain its value because of a shortage of homes in this part of the capital. But how much is your home worth on the open market?
It is worth bearing in mind that the value of any central London home is dependent on a wide range of factors. These can include the property’s size, type, location, condition, who owns the freehold and even the time of year the property is put up for sale.
To give you an indication of how much your home has risen in value since its purchase, Plaza Estates delves into the latest UK House Price Index covering Westminster.
As a leading independent estate agent in central London, Plaza Estates is aware the UK HPI is not the only measure of local property values.
Unlike the Nationwide House Price Index
or the Halifax House Price Index
, however, the UK HPI uses sales data from the Land Registry and is calculated by the Office for National Statistics.
The UK HPI also takes into account transactions involving cash and mortgages to calculate changes to values compared with the previous month and the same time 12 months earlier.
Property values in the City of Westminster edged up 1.42% between May and June, according to the data for August, which covers transactions that were completed in June. The average price of a home in Westminster now stands at £1,028,617 – 10.77% higher than the figure for June 2015.
Flats and maisonettes in Westminster sold for an average of £969,896 in June – 1.48% more than the average price of £955,721 this type of property sold for in May.
In the whole of England, the average sale price of a home in June 2016 was £229,383. This is 0.8% higher than the previous month and 9.3% more than average values in June 2015.
How much is your home worth? For an up to date valuation of your flat or house in central London, contact Plaza Estates