eMoov: Less than half of London’s property is priced at the average or below

Fixed fee estate agent eMoov.co.uk has determined how many properties across London are sold at over half a million pounds or less.

The research¹ showed less than half (46%) of the properties for sale in the capital were sold at £550,000 – the average London house price – or less.

The least affordable area was Kensington and Chelsea, where just one fourth (6%) or fewer of the properties were listed under £550,000.

Next were Westminster (7%), Hammersmith and Fulham (14%), Camden (14%), Wandsworth (22%) and Islington (25%).

Founder and CEO of eMoov.co.uk, Russell Quirk, commented:

“When you talk about the average cost of buying in the capital being over half a million pounds, the mind really does boggle.

“Regardless, for many the average house price is a benchmark, a milestone, on just what they need to have in the bank to live in a certain area. But this average price masks the true cost of living in the capital or even where in the capital you can live for that matter.”

A further 12 of the capital’s boroughs were found to have just 50% or less of its stock listed for the average price of £550,000 or under.

The least pricey areas were Hounslow (57%), Bromley (61%), Waltham Forest (64%), Enfield (65%), Hillingdon (65%), Lewisham (66%), Redbridge (72%), Greenwich (72%), Newham (78%), Croydon (79%), Sutton (79%), Havering (84%), Bexley (91%) and Barking and Dagenham (97%).

Mr Quirk added:

“When you consider that even with that sort of healthy budget, you would have to restrict your property search by removing more than half of the properties currently for sale in the capital, it really highlights how little £550,000 can get you in the London market.”

London Borough

Average House Price

Level of Stock Currently Listed at £550k or Under (%)

Kensington and Chelsea

£1,869,491

6%

Westminster

£1,179,420

7%

Hammersmith and Fulham

£936,856

14%

Camden

£1,070,026

14%

Wandsworth

£714,621

22%

Islington

£771,391

25%

Richmond upon Thames

£798,676

30%

Lambeth

£640,231

32%

Southwark

£763,789

32%

Hackney

£573,722

36%

Barnet

£556,978

41%

Tower Hamlets

£485,992

44%

Ealing

£651,342

46%

Kingston upon Thames

£527,594

46%

Harrow

£419,834

47%

Haringey

£579,193

47%

Merton

£568,302

49%

Brent

£484,082

50%

Hounslow

£337,348

57%

Bromley

£423,725

61%

Waltham Forest

£406,482

64%

Enfield

£358,342

65%

Hillingdon

£416,902

65%

Lewisham

£410,076

66%

Redbridge

£399,559

72%

Greenwich

£523,208

72%

Newham

£299,722

78%

Croydon

£308,855

79%

Sutton

£377,478

79%

Havering

£326,181

84%

Bexley

£304,082

91%

Barking and Dagenham

£246,238

97%

Total

46%

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¹ eMoov analysed current stock levels for each London borough listed across all of the major portals and compared it to the stock listed for £550,000 or less.

eMoov then took the total stock under £550,000 and recorded it as a percentage of the total level of stock across the capital.