One in Five London Properties Cost £1m or More

One in five London properties has a price tag of £1m or more, according to the latest research into the capital’s housing market by online estate agent eMoov.co.uk.

The study found that the plethora of properties priced at £1m or more are spread throughout all London boroughs except one, Barking and Dagenham.

Previous research by eMoov highlighted how little of London’s housing stock is priced at the average value or below.

One in Five London Properties Cost £1m or More

London is widely considered the most expensive city in the world due to the high level of £1m-plus high-rise apartments and townhouses. eMoov’s latest analysis of the market has revealed that 20% of all properties currently listed for sale in the capital cost £1m or more.

The online agent has assessed current stock levels across all of the major property portals, recording the total numbers listed for each London borough, before comparing this to the level of stock priced at £1m or more. It also calculated the percentage of stock across the capital as a whole.

Unsurprisingly, Westminster recorded the highest level of £1m-plus properties, at 63% of all stock, closely followed by Kensington and Chelsea at 62%.

However, despite the ever-increasing price of property in London, there is still one borough in the capital where not a single property has hit the £1m mark. Barking and Dagenham is yet to see any of its properties reach £1m.

And although the surrounding boroughs are home to a few £1m-plus properties, the following have recorded low levels: Newham (1%), Bexley (1%), Waltham Forest (1%), Redbridge (2%), Havering (2%), Lewisham (3%) and Greenwich (5%).

The founder and CEO of eMoov, Russell Quirk, comments: “When people think of London, they accept prices are through the roof. Even though the average house price in Barking and Dagenham is considerably lower than the London average, at £253,000, it still trumps the UK average by tens of thousands of pounds. 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.

“With prices across London continuing to rise, surely it won’t be long before Barking and Dagenham will see some of its properties priced at £1m or above. Despite this, our latest research shines yet another spotlight on how unaffordable London is from a property point of view.”

He adds: “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.”