The latest price index from LSL Property Services suggests that the average home in Greater London has risen in price by 11 per cent in the past year, has doubled since 2009 and is now valued at over £600,000.
“This rapid growth means the average house price in London has almost doubled over the past seven years, rocketing up from £321,917 in April 2009. In Waltham Forest, the average house price has soared by 113 per cent over this time period - more than any other London borough” says Adrian Gill, outgoing director of Your Move and Reeds Rains.
He adds that this throws down the gauntlet to London’s new mayor.
“These kinds of huge hikes in home values in London mean that Sadiq Khan will now face a serious challenge to deliver his promise of increased affordable housing in the city. Across London, it’s been the more affordable areas which have seen some of the steepest increases in house prices annually, as the capital’s residents seek out cheaper properties.”
Meanwhile the same Your Move and Reeds Rains index shows the typical home in England and Wales is now worth £24,280 more than a year ago, with property prices rising 8.9 per cent since April 2015 to take them to £298,030.
Nine of the 10 regions identified in the LSL index have shown record high price average - only north east England was an exception.