Key indicators for buyers
The SW1 market is moderately favourable for buyers. Affordability has improved from a peak of 25.4x in 2017 to 16.0x today.
Yearly averages · HM Land Registry Price Paid Data
The average property in SW1 sold for £3,300,000 in 2016, with a median of £3,300,000 across 1 transactions.
House price ÷ median earnings · ONS data
Affordability data shown for wider City of Westminster area
A home in City of Westminster costs 16.0x the local median salary — very stretched, improving from a peak of 25.4x in 2017.
Average monthly rent · ONS Private Rental Index
Rental data shown for wider City of Westminster area
Average monthly rent in City of Westminster is £3,138, down 4.6% year-on-year. Rents have risen consistently over the past five years.
2yr fixed · 75% LTV · 25yr term · BoE avg. rate
Based on the average City of Westminster price of £3,300,000 with a 25% deposit (£825k), a 2-year fixed mortgage at 3.97% costs around £13,023 per month.
Monthly cost comparison based on current data
Uses SW1 avg. price with City of Westminster rental data
Monthly mortgage payments (£13,023) are £9,885 more than renting (£3,138). However, buying requires an upfront deposit of £825k — it would take around 68750 years to recoup that cost compared to renting and investing the difference.
Latest transactions · HM Land Registry Price Paid Data
| Address | Type | Price | Date |
|---|---|---|---|
UNIT B, ROCHESTER ROW SW1 3BU | Other | £3,300,000 | 12 Oct 2016 |
The most recent recorded sale in SW1 was a other property on Rochester Row for £3,300,000 in October 2016. Across the last 1 sales, the median price was £3,300,000.
Data sources (all free & public): HM Land Registry Price Paid Data & UK House Price Index · ONS Housing Affordability Ratios · ONS Private Rental Index · Bank of England Quoted Household Interest Rates · HMRC Monthly Property Transactions
Contains HM Land Registry data © Crown copyright and database right 2021. This data is licensed under the Open Government Licence v3.0.