Why London's average house price is misleading

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Fewer than 10% of properties in some London boroughs cost less than the capital's average £550,000.

Fixed fee estate agent eMoov.co.uk finds that, on average, 46% of the housing stock listed across the capital is for sale for less than this amount.

However, in Kensington and Chelsea, that figure's six percent, and it's hardly better in Westminster at seven percent. Even in less prestigious boroughs such as Camden, Wandsworth and Islington, fewer than a quarter of the properties for sale are listed at £550,000 or less.

"It's no surprise to anyone that the majority of London is unobtainable to many from a property point of view. However, this research highlights just how out of reach the capital actually is for UK home buyers, even for those with the sizable budget of £550,000," says founder and CEO of eMoov.co.uk Russell Quirk.

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

Some boroughs, though, do offer hope for those with a budget of more than half a million.

In Barking and Dagenham, for example, 97% of properties cost less than the London average, with Bexley and Havering following at 91% and 84% respectively.

However, there is hope for first-time buyers, with many observers now predicting a crash. Unlike much of the rest of the UK, house prices in London are now higher than their pre-2008 peaks, with Land Registry figures showing average prices up by more than 40% in the last three years alone.

However, thanks to tax changes, concerns over Brexit and other issues, overseas buyers are becoming thinner on the ground. Some luxury postcodes have seen falls of more than 10% over the last year.

Lancaster University's UK Housing Market Observatory report has predicted that the city as a whole could enter a bubble as soon as next year - with prices starting to crash soon after.

Average prices, and percentage of properties costing £550k or under
Kensington and Chelsea (£1,869,491): 6%
Westminster (£1,179,420): 7%
Hammersmith and Fulham (£936,856): 14%
Camden (£1,070,026): 14%
Wandsworth (£714,621): 22%
Islington (£771,391): 25%
Richmond upon Thames (£798,676): 30%
Lambeth (£640,231): 32%
Southwark (£763,789): 32%
Hackney (£573,722): 36%
Barnet (£556,978): 41%
Tower Hamlets (£485,992): 44%
Ealing (£651,342): 46%
Kingston upon Thames (£527,594): 46%
Harrow (£419,834): 47%
Haringey (£579,193): 47%
Merton (£568,302): 49%
Brent (£484,082): 50%
Hounslow (£337,348): 57%
Bromley (£423,725): 61%
Waltham Forest (£406,482): 64%
Enfield (£358,342): 65%
Hillingdon (£416,902): 65%
Lewisham (£410,076): 66%
Redbridge (£399,559): 72%
Greenwich (£523,208): 72%
Newham (£299,722): 78%
Croydon (£308,855): 79%
Sutton (£377,478): 79%
Havering (£326,181): 84%
Bexley (£304,082): 91%
Barking and Dagenham (£246,238): 97%
Total: 46%

              Sinkhole swallows car in London street

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Why London's average house price is misleading

This five-bedroom, £4.5 million property was built in 2009, and designed to impress - with an indoor pool, sweeping staircase, a state of the art kitchen, feature fireplaces, a gym, and a bathroom for each of the five bedrooms. It seems to have worked, as the property had 14,000 views in a month.

Did someone say footballer?

At the other end of the affordability spectrum, there’s a good chance that the attention this two-bedroom flat is getting (17,000 views in a month) has something to do with the fact that it costs just £113,000. In Newport that buys you two double bedrooms and an allocated parking space near the city centre.

This is a stunning home in Padstow, boasting six bedrooms, an impressive vaulted entrance hall, open-plan living, and an outdoor pool.

However, the most striking aspect of the property has to be the incredible views all around.

It'll set you back £2.25 million, but that hasn't put 20,000 people off viewing the property in a month.

This stunning eight bedroom property is set on an estate owned by the Crown in Oxshott in Surrey.

For your £5.5 million, you get an impressive indoor gym and pool, plenty of entertaining space, a master bedroom suite complete with mirrored dressing room, and separate staff accommodation. The grounds are fitted with extensive security and CCTV, so nobody will ever get inside. While it's on the market, of course, we all get a chance to have a look around, and in one month 34,000 people have.

This beautiful four-bedroom house on the Isle of Skye is just £100,000, which makes it a reasonable proposition as a holiday cottage or bed and breakfast.

It has been recently renovated too, so you won't have a maintenance mountain to climb before you start. It’s a great place to view while you dream of a remote island life - which may be one of the reasons why 41,000 people have viewed it in a month

This six-bedroom newbuild looks fairly traditional from the outside, but inside has opted for a sea of shiny white flooring, a shiny white kitchen, and a master suite that comes with its own (shiny white) dressing room.

It’s well worth a look - after all 42,000 people have viewed it in a month - but if you want to move in, it’ll set you back £2.65 million.

This four bedroom detached new build in Grimsby comes with some footballer essentials - including a shiny white kitchen, Bi-fold doors onto the terrace, master bedroom suite with dressing room and a free-standing bath in the family bathroom.

And because it’s in Grimsby, all this comes with a very reasonable price tag of £379,000. It’s such a good deal that 58,000 people have viewed it in a month.

This new build in Cheam, in Surrey, is advertised without a price. But given it has six bedrooms, a swanky kitchen and bathrooms, a games room, several sitting rooms, and Bi-fold doors onto an impressive garden (built for entertaining ), you can safely assume you’re looking at several million pounds. You can have a look yourself, and decide what it’s worth, after-all, 92,000 people already have in the past month.

Tucked into a cul de sac in Gerrards Cross, this five bedroom detached home (built in 2011) comes with an imposing triple garage.

For the petrol head who moves in, there are also three reception rooms, five double bedrooms (four of which are en-suite and one of which comes with a dressing room). It’ll cost you £2 million, so take your time having a look first - joining 150,000 people who have nosed around in the past month.

This five bedroom detached home in Lanark is the most viewed property in the country, with 212,000 views in a month.

Clearly people are intrigued as to how they can get an immaculate detached five bedroom home for less than £200,000 - over £500,000 less than the average asking price for a five bed house in the UK. The answer is, of course, that Lanark is home to some incredibly affordable property - so this constitutes a pricey property for the area.

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