The average London property might be worth £550,000, but a new study has shown that vast swathes of the capital are now entirely cut off to people with less than £1 million to spend. Hybrid estate agent eMoov.co.uk revealed that 20% of all London properties on the market are now priced at over £1 million. In some boroughs the results are even more shocking.
At the top of the table, some 63% of all properties on the market in Westminster cost more than £1 million. It is closely followed by Kensington and Chelsea, where 62% of properties are priced at over £1 million.
This is even more shocking when you consider that in recent months, prices in these areas have been falling. Research from Stirling Ackroyd in May found that prices in Kensington High Street had seen the biggest falls in the previous 12 months - and were down 11.8% (this is in Kensington and Chelsea). Meanwhile, prices in Notting Hill (split between Kensington and Chelsea and Westminster) are down 10% in 12 months.
Beyond the poshest 'prime' areas in central London, a number of other more normal locations are also home to shocking numbers of £1 million properties. In Camden, 43% are priced at £1 million or over, in Hammersmith and Fulham it's 36%, in Barnet it's 29%, and in Wandsworth it's 28%.
At the other end of the spectrum is Barking and Dagenham, where not a single property on the market is priced at £1 million or above; while Newham, Bexley and Waltham Forest all have just 1% of properties hitting these heights, and Redbridge and Havering have 2%.
It's particularly telling that Quirk, is actually more surprised by the bottom of the table than the top. He says: "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."
He adds: "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."