London house prices:the average cost of buying in the capital has reached £550k - how do the boroughs compare?

The average asking of price of £550,000 in London doesn't go a long way in many boroughs, but there are still areas where you'll get the pick of the bunch...

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If you're lucky enough to be able to afford the average London asking price of £550,000 you might expect to have a pretty wide range of properties to choose from across the capital.

However, it turns out that not only are more than half - 54 per cent - the total properties on sale out of that price range, in five boroughs less than a quarter of homes are at or below this price.

If you're seeking the best choice of homes, head straight to Barking and Dagenham, where no less than 97 per cent of homes are still at the average price or below.

Here, average prices are the lowest in London at £246,000 and the area is a firm favourite with first-time buyers thanks to good transport links and a major town centre scheme called Barking Central, which includes 500 new flats, and a new public square.

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In Bexley, there's similar good news, with 91 per cent of properties within budget thanks to an average asking price in the borough of £304,000.

Havering, where 84 per cent of properties are at or below the average, is also turning out to be a fast-rising hotspot, thanks to the Elizabeth Line stopping at Romford. This will slash travelling times into central London and has been one of the main reasons prices have risen by 27 per cent in a year.

Conversely, in Kensington and Chelsea, just six per cent of homes are £550,000 or less, and in Westminster the figure is seven per cent.

Online estate agent analysed stock levels across all of the major property portals, recording numbers of properties in each borough and comparing it with properties available at £550,000 or less.

Founder and CEO Russell Quirk says: “It’s no surprise to anyone that the majority of London is unobtainable to many from a property point of view. However, this research highlights just how out of reach the capital actually is for UK home buyers, even for those with the sizeable budget of £550,000.

"This average price masks the true cost of living in the capital or even where in the capital you can live. It really highlights how little £550,000 can get you in the London market.”

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