AVERAGE-sized homes in the most in-demand parts of the capital have surged in value by a shocking £250,000 each during the last 12 months, almost eight times a typical Londoner’s annual salary.
According to London estate agents Marsh & Parsons, an average three-bedroom house in the most desirable parts of London has risen by £5,120 per week in the year to April. This covers places like Chelsea and Notting Hill. The English housing survey says three-bedroom houses are the county’s most common.
The 19 per cent jump in prices for three-bed properties during this period in these high-demand areas has hiked a typical value to £1.67m.
“Smart buyers can earn more money from their house in a year than by going to work in a very well-paid job,” said Peter Rollings, Marsh & Parsons chief executive.