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The cheapest areas to buy property in London
Lambeth properties are a third the price of those in Kensington and Chelsea
Rightmove last updated its breakdown of prices by London borough in March, when the number of sales agreed had surged by 34.4% to the highest at the time of year since 2016.
The average Greater London property asking price was £638,826, while Inner London prices were £792,140.
First-time buyers were shelling out £489,960 in the capital, compared £710,169 for second-steppers and over £1.5m for “top of the ladder” buyers.
The priciest area of the capital was the borough of Kensington and Chelsea, where asking prices hit £1.61m. Meanwhile, the cheapest area was Newham, where asking prices reached just £419k.
Sign up for The Week’s free daily newsletter, Today’s Best Articles
Join 350,000+ subscribers and keep yourself informed with a selection of
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What about the effect of coronavirus?
The Covid-19 pandemic brought the housing market to a complete standstill.
Although it’s up and running again now, Rightmove’s Miles Shipside said the level of missed sales means the market “will be playing catch-up for the rest of the year”.
Andy Shepherd, chief executive of London estate agents Dexters, said: “We’re tremendously busy across all of our 70 London offices.
“Transaction numbers are increasing daily, over the past two weeks we’ve agreed sales on over 250 properties and arranged lettings on over 600, so 85 a day or 10 an hour in the working week.”
Rightmove’s borough-by-borough breakdown has not been updated since the coronavirus lockdown, but the website says the average asking price of a home in the capital is now £628,000, 1.7% lower than it was in March.
