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London house prices over twice the national average

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
18/10/2016

The average house price in London is now a whopping £484,700

Only 2% of homes sold today in the capital fetch below £150,000 compared to 87% in 1995, according to Jackson Stops & Staff.

And the estate agent anticipates that homes sold below £120,000 will completely disappear from the market this year. Homes priced below £100,000 are already extinct, having gone from the market in 2008.

Robert Butterworth, head of research at Jackson-Stops & Staff, said: “Our research highlights the incredible changes in the London property market over the last 20 years. Back in 1995 homes valued under £200,000 made up the majority of the market profile, but today they are an endangered species. The entire profile of the market has been flipped on its head – a seismic shift that even a betting man would not have put his money on.”

London has seen a near seven fold increase in house prices over the last 21 years, with the average price of properties sold in the capital currently sitting at £484,700. This is twice the national average of £216,750.

However, simple averages hide the distribution of prices, with 27% of properties sold last year in the capital for under £300,000.

Jackson-Stops & Staff estimates that in four years’ time, homes under £150,000 will disappear. Within 10 years they predict that all homes under £200,000 will be gone in London.