Leading hybrid estate agent, eMoov.co.uk, has released its latest research into the London property market, showing how the capital’s £1m+ properties are dispersed across the London landscape. Previous research by eMoov.co.uk highlighted how little of the London property market could actually be secured for those with a budget of £550,000 – the current average London house price.
London is widely regarded as the most expensive city in the world due to its plethora of £1m high-rise apartments and townhouses and eMoov’s latest research has revealed that 20% of all London properties currently listed for sale are priced at £1m or more.
eMoov 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 £1m or more. eMoov also researched the same percentage of stock across the capital as a whole.
There is no surprise that Westminster at 63%, closely followed by South Kensington and Chelsea at 62%, are home to the highest percentages of London properties costing above the £1m mark. However, despite the ever-increasing price of property in London which has gradually sprung from the inside out, there is still one pocket of London where not a single property has hit the £1m mark.
The London Boroughs of Barking and Dagenham is yet to see any of its properties hit the £1m mark. Although the surrounding boroughs are home to a few £1m mark properties, they are also struggling, with Newham (1%), Bexley (1%), Waltham Forest (1%), Redbridge (2%), Havering (2%), Greenwich (5%) and Lewisham (3%) all scoring low.
When people think of London they accept prices are through the roof. Even though the average house price 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. 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 £1m mark or over.
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 £1m or above. Despite this, our latest research shines yet another spotlight on how unaffordable London is from a property point of view.
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 homeowner.”Russell Quirk