One in five London homes now priced at £1m or more

One in five London properties listed for sale are now priced at £1m or more, with Westminster having the highest number in the seven-figure range.

The research, carried out by estate agent eMoov.co.uk, found that Westminster had the highest proportion of million-pound properties, at 63%. Kensington and Chelsea came in second place at 62% and Camden third with 43%.

Barking and Dagenham was ranked as the most affordable borough, with no properties priced at £1m or more, while in Newham, the second most affordable borough, the figure stood at 1%.

The average price of a home in London is currently £550k.

eMoov.co.uk’s CEO and founder, Russell Quirk, said of the findings: “When people think of London they accept prices are through the roof.

“Even though the average house price Barking and Dagenham is considerably lower than the London average at £253k, it still trumps the UK average by tens of thousands of pounds.

He added: “In a market as inflated as London where stock is scarce and demand is overwhelming, it’s quite remarkable that there is still an entire borough without even one property at the £1m mark or over.”

Speaking further, Russell said he believes it won’t be long before properties in Barking and Dagenham rise above the £1m mark too.

He continued: “When you consider that across a city as vast and as populated as London, one in every five properties will cost you a six-digit price tag, it really is disheartening for the aspiring London homeowner.”

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