The average price of a home in the UK’s capital is £555,625 after a two per cent increase from the same time last year.
The latest House Price Index it was a mixed bag in the capital with 24 boroughs seeing average house prices rise, values remained steady in one area while prices plunged in eight locations.
London boroughs on the increase include Merton, which saw an eight per cent rise equivalent to £48,912 being added to house prices in the area.
Homes in Richmond saw a yield of six per cent, adding £47,309 to property prices in the south-west of London region.
The borough, now famed for Jason Sudeikis’ fictional football coach Ted Lasso, has for the second month in a row seen an increase in property prices of over £40,000.
This means the average home in Richmond-upon-Thames now costs around £788,485.
Meanwhile, homes in the exclusive boroughs of Kensington and Chelsea and the City of Westminster recorded annual losses of over £100,000, according to the HPI data.
Homes in Kensington and Chelsea, famed for its star-studded football team and E4 reality show, saw prices plunge by 14 per cent, equivalent to a jaw dropping £168,010.
Despite this the average price for a home is still a cool £1.1 million.
Wandsworth remained consistent year-on-year and saw no loss or gain throughout.
The analysis by online estate agents Purplebricks can reveal the exact places where property values have increased both this month and also year on year.
The news comes as property owners across the UK see the value of their homes increase by an average of £13,000 in the 12 months from February 2024 to February 2025.
The average UK property rose by 5.4% for the year however there was no monthly increase from January 2025, according to today’s report from the Office for National Statistics (ONS).
The lack of monthly house price change from January to February this year reflects a period just two months before stamp duty changes came into force at the start of April.
Despite the price boom, there is still hope for Brits wanting a first foot on the property ladder, according to MD of Purplebricks Mortgages Jo Pocklington who points out average prices are still well below the £300,000 stamp duty threshold for first-time buyers.
Homeowners in the leafy stockbroker belt town of Sevenoaks in Kent have the most to celebrate today. Properties there rose 11% year-on-year equating to around £57,718. This means the average home is now worth £534,430.
Windsor and Maidenhead saw the second biggest house price bump, with values seeing an annual 9% rise, worth £50,963, and giving properties an average price tag of £599,560.
Homeowners across the UK have seen a strong rise in property value with a rise on average in homes this month compared to last year.
In the last calendar year, from February 2024, the average home increased property prices by over five per cent.
House prices in England saw an annual change of 5.3%, making the average property worth £291,640.
Welsh homes continue to go from strength to strength with another strong showing as the average property price in Cymru increased from last year to £207,382, a rise of 4.1%.
Properties north of the border in Scotland witnessed an annual increase of 5.7% which meant that the average property is now worth £185,870.
Tom Evans, sales director at Purplebricks Estate Agency said: “Everyone’s a winner. Another year-on year price rise is fantastic news for UK homeowners in today’s house price index. We here at Purplebricks are confident that prices will continue to surge in 2025.”
Jo Pocklington, managing director of Purplebricks Mortgages said: “First time buyers should not be spooked by house price rises, even in the wake of this month’s stamp duty hike.
“The average UK home is still comfortably below the £300,000 stamp duty threshold meaning first time buyers have plenty of places to choose from - even including some London boroughs.
“And, lenders are already reducing rates on fixed-rate mortgages in anticipation of another Bank of England base rate cut, on the back of uncertainty sparked by US tariff turmoil.”