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.”
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