The purchase value of property in London has grown by over 66% in the last ten years, according to data from the Land Registry, with average property values rising from approximately £322,324 to £535,212.

Property developer SevenCapital says that London proved to be relatively safe and extremely robust in terms of property prices in 2022 despite the rising cost of living and interest rates.

The firm added: ‘This was particularly true for the prime London property market which, largely unaffected by the rising cost of living, saw a 16.2% increase in the number of exchanges in November 2022 compared to the same month in 2021. This shows no signs of slowing down, with the number of prospective buyers registering in London 28% above the five year average for the first few months of 2023.’

Looking at forecasts, Savills predicts that prime central London property will continue to showcase its strength, with a 13.5% compound price growth between now and the end of 2027. Meanwhile, Knight Frank estimates the central London property market will lead property price growth in the UK with an 8.1% increase over the next five years, outperforming greater London and the rest of the UK’s 2.5% predicted growth.