Research reveals few homes for sale in London under UK average

Affordability is a major issue for Londoners with new research showing that more than a quarter of boroughs don’t have a single home for sale less than the country average of £191,812.

Indeed, average London property prices currently stand at around £530,409 and in nine out of 32 London boroughs, 28%, it is impossible to find a property with an asking price under the Land Registry average.

The figures from online estate agents House Simple show that Bexley is the only borough where you can buy a property for less than £100,000, with a studio flat currently on the market for just £94,995 while in Tower Hamlets there are no properties on the market for less than £250,000.

The research also found that just four or 12.5% London boroughs have property where the buyer would not pay stamp duty with the threshold kicking in at £125,000.

In almost half of the boroughs, the most affordable property for sale today is a studio flat, which are typically just 100 to 110 square feet in size compared to the average UK one bed flat which measures 495 square feet.

‘These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property. How can they feasibly afford to buy when average property prices in the Capital are over £530,000?’ said Alex Gosling, House Simple’s chief executive officer.

‘Although this research reveals there are properties for sale below the UK’s average house price, the pickings are extremely slim and you’re getting very little square footage for your money. It’s a studio or nothing in many boroughs,’ he pointed out.

‘It’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away. It’s likely in the future we will see less and less people putting their first foot on the property ladder in London,’ he added.