Average Greater London house price reaches half a million

Property prices have broken through the £500,000 mark across 51% of postcodes districts within Greater London, according to new analysis from Stirling Ackroyd.

In their latest London Hubs Tracker, it was revealed that average home prices across the whole of Greater London have already reached £540,000 as of Q3 2015, up 1.6% compared with Q2.

Out of 279 postcodes districts falling within Greater London, 142 are home to average local property prices of at least £500,000.

This means that locations such as Mile End, Peckham and Streatham now have average house prices of over half a million, which may come as a surprise to some. Mile End tipped the £500,000 mark in Q3 2015, up 2.5% compared to the previous quarter.

Contrastingly, homes for half a million persist as centrally as SE16; home to the Canada Water tube stop, with the average property price standing at £474,000.

Business activity is also growing fastest in these more affordable parts of the capital, led by the South East and East London.

Andrew Bridges, Managing Director of Stirling Ackroyd, comments: “London is increasingly another country. Within these borders, more and more territory is being claimed by home values only dreamed of by sellers in the past.  Meanwhile, for buyers and for businesses – the wave is building outwards and eastwards.”

“Travel four miles west of the West End and you’ll stand little chance as a first time buyer. But east of the cosier core of traditional London, there’s a riverside corridor of relative affordability,” Ackroyd added.