London flats are currently valued below their 2017 levels on a per square metre basis, according to an analysis of over one million property transactions. Data from Gaffon.com shows flats are priced at £6,639 per square metre, a decrease from £6,787 nine years ago.
In contrast, terraced houses in London have seen a 40% increase in value over the same period, indicating a divergence in the capital's property market. The analysis combined sales values from the Land Registry with Energy Performance Certificate (EPC) data.
Regional variations are evident across London boroughs. Kensington & Chelsea experienced the largest decline, with values dropping 26% from a 2018 peak. Waltham Forest is the only borough to record a per square metre record, showing a 2% increase.
The analysis suggests that nominal London flat prices have remained largely static since 2022. With approximately 20% inflation since 2022, the data indicates that real values have fallen substantially.