According to the house prices and affordability index from FindaProperty.com, the average London property is now on the market at £437,464.
This means it is increasingly difficult for first-time buyers to get a foot on the housing ladder with an effective deposit of a whopping £130,155 now required. In London, prices fell in only four boroughs – the City, Redbridge, Waltham Forest and Harrow. The biggest winners were Greenwich, Haringey, Kensington & Chelsea, Hackney and Newham.
Nigel Lewis at FindaProperty.com said: “The London property market continues to lead the recovery for the UK overall, and has bounced back following a dip at the beginning of the year.”