Bexley and Lewisham have seen a huge increase in property value over the decade.

Recent research has revealed a staggering 88.24 per cent rise in house prices over the last 10 years in Bexley.

It ranked third in the top ten London boroughs for an increase in house prices.

Lewisham has also seen a staggering increase of 74.78 per cent in the last decade and ranked seventh in the list of London boroughs.

Top of the list was Waltham Forest topped the list with a huge 101.11 per cent increase.

The study comes from Swift Direct Blinds' “UK Property Index” research which analysed nationwide property trends.

The index investigated mid-year house prices, property availability on Rightmove, and areas highly sought after by buyers.

Based on data from Zoopla, the past year's average property price in London was £724,719, with costs varying greatly by location.

Property adviser Savills said that house prices are expected to be around £45,000 higher on average by 2028, as market demand and buying power recovers, according to a forecast.

Savills said the market looks set to “bottom out” around the middle of next year.

Across Britain, the average property value will increase to £300,108 in 2028, marking a £45,521 or 17.9 per cent increase from an average house price of £254,587 in 2023, according to Savills.

The average house price is projected to fall by 3.0 per cent in 2024 but Savills said this will be followed by price increases in 2025, 2026, 2027 and 2028 as affordability pressures slowly ease.

Prime central London is expected to see the least downward pressure on prices next year, given much less reliance on mortgage debt and the relative value on offer to a range of wealthy domestic and international buyers.

Transactions are expected to remain at around 1.01 million in 2024, rising to 1.16 million per year at the end of the forecast period in 2028, as mortgage buyers gradually return to the market.

The research used data from Oxford Economics and Nationwide Building Society.

Lucian Cook, head of residential research at Savills, said: “Interest rates are expected to have peaked and the worst of the house prices falls look to be behind us, but the first cut to rates still looks to be some way off.

“This means continued affordability pressures are likely to result in further modest house price falls over the first half of 2024, resulting in a peak-to-trough house price adjustment in the order of minus 10 per cent.

“The expectation of a gradual reduction in rates suggests a progressive restoration of buying power and steady recovery in demand.”

The average London house prices predicted by Savills by 2028 is £577,256.