One if five homes for sale in London is priced at £1 million or more
With property prices in London continuing to rise new research shows that one in five homes for sale are listed at £1 million or more.
London is one of the most expensive cities in the world for property and the research from estate agent eMoov shows that 20% of all London properties currently listed for sale are priced at over a million pounds.
The firm analysed current stock levels across all of the major portals, recording the total levels listed for each London borough, before comparing this to the level of stock listed for £1 million or more and also researched the same percentage of stock across the capital as a whole.
The borough with the highest number of properties for sale at over £1 million was Westminster with 63%, followed by South Kensington and Chelsea at 62%. There is a considerable gap to the next highest which is Camden with 43%.
In contrast in the boroughs of Barking and Dagenham there are no properties for sale for a £1 million or more and surrounding boroughs have very few. For example in Newham, Bexley and Waltham Forest only 1% of homes for sale are prices at £1 million or more and in Redbridge and Havering it is 2%, in Lewisham 3% and Greenwich 5%.
‘When people think of London they accept prices are through the roof. Even though the average house price in Barking and Dagenham is considerably lower than the London average at £253,000, it still trumps the UK average by tens of thousands of pounds,’ said eMoov chief executive officer Russell Quirk.
‘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,’ he pointed out.
‘With prices across London continuing to rise, surely it won’t be long before Barking and Dagenham will see some of its properties priced at £1 million or above. Despite this, our latest research shines yet another spotlight on how unaffordable London is from a property point of view,’ he explained.
‘When you consider that across a city as vast and as populated as London, one in every five properties will cost you a six digit price tag, it really is disheartening for the aspiring London home owner,’ he added.