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Average London house price ‘masks’ true cost of buying

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  • 25/05/2016
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Average London house price ‘masks’ true cost of buying
The average price tag of £550,000 for a property in London does not reflect the true cost of buying in the capital, a study has found.

Research carried out by eMoov.co.uk into the prices of homes in London boroughs revealed that less than half (46%) of stock is for sale at the average price.

Kensington and Chelsea was found to have the least stock below the £550,000 benchmark at just 6%. This was followed by Westminister at 7%, Hammersmith and Fulham at 14%, Camden at 14%, Wandsworth at 22% and Islington at 25%.

Just 50% or less of housing stock in a further 13 boroughs was listed at the average price or below.

Founder and chief executive of eMoov.co.uk, Russell Quirk, said it was surprising how limiting a budget of £550,000 is in London.

“When you talk about the average cost of buying in the capital being over half a million pounds, the mind really does boggle,” he said.

“Regardless, for many the average house price is a benchmark, a milestone, on just what they need to have in the bank to live in a certain area. But this average price masks the true cost of living in the capital or even where in the capital you can live for that matter.”

However, the research found there were 14 boroughs in London where the average house price was below £550,000. These were Hounslow, Bromley, Waltham Forest, Enfield, Hillingdon, Lewisham, Redbridge, Greenwich, Newham, Croydon, Sutton, Havering, Bexley and Barking and Dagenham.

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