The jump in transactions during the pandemic was larger in London than other regions as the market didn’t experience the same drop in supply as elsewhere. That reflected many existing homeowners adjusting to remote working by moving further afield, giving an opportunity for first-time buyers to get on the London housing ladder. More plentiful supply has also caused house price growth in the capital to underperform the national average since the start of the pandemic. While house prices rose by 16% between Q4 2019 and November 2021 nationally, the average increase in London was 9%. Outer London boroughs tended to outperform more central areas, but Hammersmith & Fulham, Kensington & Chelsea, and Islington were striking exceptions.
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