London flat prices fall below 2017 levels

Average prices for flats in London have fallen below 2017 levels in real terms. An analysis of over one million property transactions conducted by Gaffon.com shows that flats are currently priced at approximately £6,639 per square metre, compared to £6,787 nine years ago.

The data, which merged Land Registry sales values with Energy Performance Certificate (EPC) data, suggests that while nominal prices may have stabilized, high inflation since 2022 has significantly reduced real property values.

Market performance varies by property type and location. While flat values have declined, terraced houses saw a 40% increase in value over the same period. Geographically, Kensington & Chelsea experienced a 26% drop from its 2018 peak, whereas Waltham Forest recorded a 2% increase in price per square metre.