Recent data from Zoopla indicates a widespread decrease in house prices across most London boroughs. This trend comes amidst a gradual slowdown in the

post-COVID property boom. Zoopla's analysis for December revealed a 1.5% decline in London property prices, with outer boroughs experiencing a particularly notable drop in value.

The shift to remote or hybrid work arrangements during the pandemic contributed to the accelerated price growth in these areas compared to inner London. Consequently, the attractiveness of suburban living outside the city center has surged.

The average house price for London currently stands at £536,000, as per Zoopla's December figures. However, in the capital's most affordable borough, Barking and Dagenham, prices are significantly lower, hovering around £340,000. This marks a decrease from the £354,000 recorded in December 2022.

While Barking and Dagenham witnessed a notable decline, other boroughs experienced even steeper reductions in property values. In Bexley, London's second cheapest borough, the average property price dropped from £408,000 to £378,000, representing a reduction of over seven percent. Croydon, the third cheapest borough, follows suit with an average home priced at £403,000, reflecting a six percent decrease.

Among the top 10 cheapest boroughs, Newham stood out as the sole area to record an increase in house prices, rising by one percent to an average of £424,000 per home.

In contrast, Kensington and Chelsea retain their status as London's most expensive boroughs, with average property values reaching £1.25 million. Westminster follows closely behind at £878,000, with Camden trailing at £873,000. Despite Camden experiencing a two percent increase in house prices, Kensington and Chelsea and Westminster have both witnessed substantial drops in property values, with decreases of 14 percent and 16 percent respectively.