£500,000 Average cost of housing across London
House prices still increasing in London according to Dominic Swinfield CEO of London Land and New Homes
The average cost of a home has broken through the £500,000 barrier in over fifty percent of London postcodes, according to figures published on Thursday. New research by international estate agency London Land and New Homes, based on in house data and British Land Registry figures for prices paid, found that of 279 postcode districts in London, 142 (or 51%) had an average price of at least £500,000.
The research found that there were still neighbourhoods within easy reach of central London where the average price was less than £500,000. In SE16, which includes Bermondsey, Surrey Quays and Rotherhithe, the average property price is £474,600, even though it is less than three miles to the geographic centre of London. Dominic Swinfield, CEO of LLNH remembers working in these areas around 10 years ago and the average two bedroom apartments were changing hands at £250,000. These areas are now boasting increases of 100% and have made vast profits for investors and home owners.
As always West london postcodes are the most expensive with areas such as Mayfair (where our offices are based) and Knightsbridge commanding an average of £1.2m upwards.
Outside London, 99+% of postcode districts in the remainder of England and Wales were found to have an average price of less than the quoted £500,000. Other new areas within London that are up and coming are Lewisham, Peckham and East London location.
Investment still remains high even though the UK is fast heading toward the EU Referendum which will be voted on this Thursday 23rd June. Only time will tell what is going to happen.
Written by Dominic Swinfield CEO LLNH
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