London house prices: the last two boroughs where the average cost of a home is below £300,000

There are now only two London boroughs where house prices are still below £300,000.
The average London house price has broken the £475,000 barrier for the first time, new Land Registry records show. Prices in the capital grew by 0.7 per cent last month, pushing the figure up to £475,961.

Once again, Newham was the borough with the highest annual price increase, of 17.5 per cent, bringing its average to just over £300,000 for the first time, and meaning there are now only two London boroughs where house prices remain below £300,000 - Barking and Dagenham in the east, where the average is £277,044, and Bexley, in south-east London, with £289,750.

However, prices in Bexley are rising fairly quickly - it is London's seventh fastest growing borough and has experienced an annual rise of 14.1 per cent. Barking and Dagenham is not very far behind, currently sitting in joint 11th position, alongside Hackey. 

REVEALED: AVERAGE HOUSE PRICES OF EVERY LONDON BOROUGH:


A regional breakdown of latest official figures, for sales in England and Wales completed and registered last month, shows house prices across London rose at almost double the rate of those across England and Wales over the past year, with an average annual increase of 9.1 per cent, against 4.6 per cent.

Yet at county/unitary authority level, Reading - a Berkshire commuter hotspot with more incoming than outgoing workers - experienced the greatest annual house price increase, up 13.3 per cent. This is largely due to the forthcoming high-speed Crossrail train link, which will directly connect the area just west of London to the City and the West End for the first time. 

VIDEO: LONDON'S TEN FASTEST GROWING BOROUGHS
 
 

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