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London property prices soar

Property prices have risen by more than 10 per cent

Land Registry data for the second quarter of this year showed the average price of a home sold in Greater London in the three months to June 2012 was £457,753.

This was up from £401,598 in the first quarter of the year, despite the number of sales going through dropping slightly.

The most explosive change was in terraced house prices, which increased by a fifth to an average of £526,655.

This made terraces significantly more expensive than semi-detached houses, which grew by a meagre 2 per cent to an average of £463,851.

Average selling prices for detatched houses broke the three-quarters of a million pound barrier, coming in at £750,373.

Flats and maisonettes were worth little over half this amount at an average of £388,408.

Westminster boasted the most expensive homes, with detached houses going for an average of £4.2 million.

Flats in Barking and Dagenham were the most affordable London homes at an average of £130,936.

Readers' comments (2)

  • London’s population is set to increase by a further 1 million people over the next 20 years. With rates of house building in the capital at historic lows and 350,000 families on the social housing waiting list we need to build new sustainable homes quickly to avoid a housing crisis of biblical proportions. This means building up (more tall buildings) or building out (taking a mile off the Green Belt around London would release around 24,000 hectares) – who in a position of authority is brave enough to let us get started?

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  • There are not only problems with the supply of social housing. There are many families who want carry on living where they are and do not qualify for social housing but do not have high enough incomes to afford the high prices of family houses in London.

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