East trails west in London’s property market recovery

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In the centre and west, home values have bounced back from their 2008 slump to beat the previous peak in 2007. By contrast, prices in east and south-east boroughs are still as much as 13 per cent below where they were three years ago, according to Savills estate agency.

In Camden an average home is now worth 104 per cent of its boomtime value, in Westminster the figure is 103 per cent and in Kensington and Chelsea 101 per cent. Also performing well are Barnet, Wandsworth, and Hammersmith and Fulham.

* Houses and flats for sale in Camden Town

But house prices remain at only 85 per cent of peak value in Newham, 87 per cent in Croydon, and 90 per cent in Tower Hamlets and Lewisham.

Lucian Cook, director of residential research at Savills, said: "Higher-value, equity-rich areas are performing best, fuelled in part by international demand in the prime markets but also cash rich domestic demand."

Savills compared peak prices with the average house price in the three months to April, using Land Registry data.

* www.homesandproperty.co.uk