£300,000 homes disappearing from London

£300,000 homes disappearing from London

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Only 40 of 104 London wards now have average house prices under £300,000, an analysis by estate agency Savills showed. £1 million average wards outnumber those with average housing price under £300,000.

A typical London household with a joint income of £50,000 and a 25% deposit will usually be limited to a home purchase under £300,000 , making it a significant figure.

Seb Klier, campaign manager at the Generation Rent group, said: “The £300,000 mark is about the maximum a couple who are both earning average salaries, and have managed to save a substantial deposit, could afford in London.

Residential research director at Savills, Lucian Cook said: “The scale and spread of house price growth over the past five years means the £300,000 neighbourhood, though not extinct, has certainly become an endangered species in London. It is symptomatic of the housing affordability issues in the capital.”

Paula Higgins, of the HomeOwners Alliance, said: “Without parental support, young Londoners on normal salaries are effectively priced out of over 90 per cent of the capital’s properties.”

Mayor Sadiq Khan’s deputy for housing, James Murray, said: “The Mayor has been clear that fixing the housing crisis will not happen overnight.

“He is introducing planning measures to boost affordable housing and will use funds secured from Government to build 90,000 affordable homes — two thirds for first-time buyers.”

Roger Harding of housing charity Shelter, said: “It’s crucial he delivers if we are to prevent a generation of Londoners losing all hope of having a place to truly call home.”

Ten Wards Below £300,000:

Ward Borough Ave price 2016
Thames Barking and Dagenham £228,386
Thamesmead East Bexley £236,231
Abbey Barking and Dagenham £244,767
Southall Green Ealing £246,734
Erith Bexley £247,536
Village Barking and Dagenham £251,528
Gascoigne Barking and Dagenham £251,969
Thamesmead Moorings Greenwich £255,689
North End Bexley £256,533
Heathrow Villages Hillingdon £262,208
Belvedere Bexley £268,491
Northumberland Park Haringey £268,906
River Barking and Dagenham £270,048
Crayford Bexley £273,230
Eastbury Barking and Dagenham £274,489
Parsloes Barking and Dagenham £274,786
Heath Barking and Dagenham £275,801
Whalebone Barking and Dagenham £276,291
Fieldway Croydon £276,400
Goresbrook Barking and Dagenham £276,740
Gooshays Havering £278,397
Mayesbrook Barking and Dagenham £280,543
Chadwell Heath Barking and Dagenham £281,041
Becontree Barking and Dagenham £281,948
Feltham West Hounslow £284,875
Glyndon Greenwich £286,040
Alibon Barking and Dagenham £287,556
Selhurst Croydon £288,911
East Ham South Newham £289,668
Broad Green Croydon £290,807
Edmonton Green Enfield £291,609
Little Ilford Newham £292,203
Valence Barking and Dagenham £293,624
Loxford Redbridge £294,895
Brooklands Havering £295,397
Heaton Havering £296,971
Enfield Lock Enfield £297,028
Figge’s Marsh Merton £297,613
New Addington Croydon £297,921
Cricket Green Merton £299,469

Most valuable wards:

Ward Borough Ave price 2016
Knightsbridge and Belgravia Westminster £4,282,287
Norland Kensington and Chelsea £3,675,564
Marylebone High Street Westminster £2,892,405
Brompton Kensington and Chelsea £2,852,994
Campden Kensington and Chelsea £2,331,995
West End Westminster £2,300,664
Abingdon Kensington and Chelsea £2,296,587
Stanley Kensington and Chelsea £2,225,858
Queen’s Gate Kensington and Chelsea £2,201,574
Hans Town Kensington and Chelsea £1,991,277
Royal Hospital Kensington and Chelsea £1,986,381
Pembridge Kensington and Chelsea £1,927,692
Frognal and Fitzjohns Camden £1,923,978
Village (Wimbledon) Merton £1,908,224
St James’s Westminster £1,907,929
Holland Kensington and Chelsea £1,760,051
Hampstead Town Camden £1,751,750
Cremorne Kensington and Chelsea £1,723,030
Courtfield Kensington and Chelsea £1,719,630
Regent’s Park Camden £1,633,627

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