One in five London homes priced at £1m-plus
Every London borough now has properties for sale costing more than £1 million, with the exception of one area of east London, a new survey has revealed.
Hybrid estate agent eMoov.co.uk researched current housing stock across all the major property portals and found that almost two-thirds (63%) of housing in Westminster had a seven-figure price tag. This was almost matched by the other prime central borough of Kensington and Chelsea, with 62% of million-pound homes for sale. In third and fourth place were Camden (43%) and Hammersmith and Fulham (36%).
Houses in Westminster sold, on average, for £975,595 in April, according to the latest UK House Price Index (UK HPI), while in Kensington and Chelsea the average house sold is already more than a million pounds at £1,314,702.
Barking and Dagenham, in east London, is the only borough that hasn’t reached this milestone, while nearby Newham only has 1% of houses for sale at more than £1 million. Also with just 1% of houses in this price bracket are Bexley and Waltham Forest, while Sutton, Redbridge and Havering have just 2% of houses for sale with a million-pound price tag.
In Barking and Dagenham, UK HPI data puts the average house sold in April at a relatively affordable £271,828.
Founder and chief executive of eMoov.co.uk Russell Quirk, says: “In a market as inflated as London where stock is scarce and demand is overwhelming, it's quite remarkable that there is still an entire borough without even one property at the £1 million mark or over.
“When you consider that across a city as vast and as populated as London, one in every five properties will cost you a seven-digit price tag, it really is disheartening for the aspiring London homeowner.”
(Click the image below to enlarge)
Everything you own: all your assets (property, cars, investments, savings, insurance payouts, artwork, furniture etc) minus any liabilities (debts, current bills, payments still owed on assets like cars and houses, credit card balances and other outstanding loans). When you’re alive this is called your wealth; when you’re dead, it becomes your estate.