It’s that time again when any Londoner dreaming of hopping onto the first rung of the city's property ladder weeps with despair. Yep, a whole slew of house price indexes have been released, meaning it's now printed in black and white just how much of a pipe dream owning your own pile of bricks and mortar will be.
Right Move’s House Price Index has a handy table showing the average house price in each London borough for January 2017, and there’s no prize for guessing Kensington and Chelsea tops the list. In fact, a gaff with an SW postcode will set you back £2,485,483 on average, while the City of Westminster doesn’t lag too far behind with an average house price of £1,992,328.
At the other end of the scale, the lowest average house prices can be found in Bexley (£370,291) and Barking and Dagenham (£298,255) but, alas, these are still way above the national average, which the Land Registry puts at £218,000.
And while some predicted house price growth in London over the last year could be below the national average, the sly London house market showed up all the experts, with an annual price increase of 8.1 percent – that's 1.4 percent higher than the national average. Guess it's fingers crossed for a lottery win then.
Here's a list of the most and least expensive London boroughs:
Highest average house price, January 2017 (Right Move House Price Index):
1) Kensington and Chelsea: £2,485, 483
2) City of Westminster: £1, 992, 328
3) Camden: £1, 118, 218
4) Hammersmith and Fulham: £948, 671
5) Richmond Upon Thames: £864, 137
Lowest average house price, January 2017 (Right Move House Price Index):
1) Barking and Dagenham: £298,255
2) Bexley: £370,291
3) Havering: £391, 186
4) Croydon: £423, 347
5) Newham: £426, 971