A fifth of homes for sale in the capital are listed at £1m or more

UK-Houses-Home-Mortgage-700x450.jpgOne in five London homes on the market are listed at £1m or more, new figures reveal.

The estate agency eMoov.co.uk, has released its latest research into the London property market, showing how the capital’s £1m+ properties are dispersed across the London landscape.

It found that 20 per cent of all London properties currently listed for sale are priced at £1m or more.

The study analysed current stock levels across all of the major portals, recording the total levels listed for each London borough, before comparing this to the level of stock listed for £1m or more.

Unsurprisingly, the highest percentage of million-plus properties were in Westminster at 63 per cent, closely followed by South Kensington and Chelsea at 62 per cent.

However, there is still one pocket of London where not a single property has hit the £1m mark.

The London Boroughs of Barking and Dagenham is yet to see any of its properties hit the £1m mark.

The surrounding boroughs also have a very low percentage of million-plus homes: Newham (1 per cent), Bexley (1 per cent), Waltham Forest (1 per cent), Redbridge (2 per cent), Havering (2 per cent), Greenwich (5 per cent) and Lewisham (3 per cent).

eMoov founder and chief executive Russell Quirk, says: “When people think of London they accept prices are through the roof. “Even though the average house price Barking and Dagenham is considerably lower than the London average at £253,000, it still trumps the UK average by tens of thousands of pounds.

“In a market as inflated as London where stock is scarce and demand is overwhelming, it’s quite remarkable that there is still an entire borough without even one property at the £1m mark or over.

“With prices across London continuing to rise, surely it won’t be long before Barking and Dagenham will see some of its properties priced at £1m or above.

Quirk adds: “Despite this, our latest research shines yet another spotlight on how unaffordable London is from a property point of view.

“When you consider that across a city as vast and as populated as London, one in every five properties will cost you a six-digit price tag, it really is disheartening for the aspiring London homeowner.”