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Even house prices in the cheap parts of London are unaffordable



Welcome to the parts of London you USED to be able to buy in


Areas in once-unfashionable parts of London have seen average property prices hit half a million pounds for the first time.

Prices in South Acton, in the borough of Ealing in west London, hit £628,557 in the year to May, making it one of the most expensive places in zone 3.

Peckham Rye, a relatively poor area in south London made famous by the Eighties sitcom Only Fools and Horses, recorded average sale prices of £553,894 over the year, according to Savills.

The data takes into account all property sales over the year to May, from one-bedroom flats to family homes.

Peckham, London

Prices in Peckham have rocketed as the area becomes more trendy  Photo: Ray Tang/Rex Features

Other parts of South London are also seeing prices rocket, as home buyers are priced out of areas closer to the centre of the capital.

The average property in West Wickham, Bromley, will now set homebuyers back £501,256. West Wickham attracts buyers keen to be surrounded by green space, but with quick transport links to the City.

It is also near to Croydon, an area that is undergoing extensive development and is due to have a Westfield shopping centre by 2018.

However, Croydon isn't popular with everyone, with a newspaper in France recently branding it a "dull, sad and monotonous" suburb, after its journalists were sent there to cover their national team in the Rugby World Cup.

Croydon was recently described as "dull and sad" by a French newspaper  Photo: Paul Grover

In Zone 2, Balham, West Hampstead and Shaftesbury in Wandsworth are among the most expensive areas, with average prices topping £823,000, £821,000 and £754,152 respectively.

However, this doesn't come close to Highgate in North London, which recorded average house prices of £1,301,995 over the year to May.

Polish squatters 'move in' to affluent London area 'because rents are too high'

View towards aflluent Highgate from Hampstead Heath  Photo: ALAMY

Prices in popular London locations are expected to rise by 18.2pc over the next five years, according to Savills. The estate agency said last year's stamp duty reform, very low inflation and the mortgage market review has moderated London’s prime housing markets over the short term, but price growth is expected throughout the rest of the decade.

“We expect the depth of the market and the maturity of London as a global city, coupled with job creation and economic growth forecasts to return to long term trend rates of real price growth, particularly, but by no means exclusively, in core prime central London locations," said Lucian Cook, head of residential research at Savills.

Barking and Dagenham, in east London, are the most affordable areas, with average one-bed flats costing less than £200,000.


45 wards over £500k average price in year to May 2015

  1. South Acton, Ealing, £628,557
  2. Kilburn, Brent, £611,315
  3. Chislehurst, Bromley, £600,462
  4. Winchmore Hill, Enfield, £595,906
  5. Herne Hill, Lambeth, £587,339
  6. Fulwell and Hampton Hill, Richmond upon Thames, £584,114
  7. Ickenham, Hillingdon, £580,587
  8. Pinner, Harrow, £574,436
  9. Blackheath, Lewisham, £567,691
  10. Dudden Hill, Brent, £565,235
  11. Victoria, Hackney, £564,264
  12. Surbiton Hill, Kingston upon Thames, £562,038
  13. Pinner South, Harrow, £561,341
  14. Peckham Rye, Southwark, £553,894
  15. Dalston, Hackney, £550,525
  16. Haggerston, Hackney, £550,349
  17. Hatch End, Harrow, £545,554
  18. East Finchley, Barnet, £545,037
  19. Southgate Green, Enfield, £544,536
  20. Tollington, Islington, £543,633
  21. Shortlands, Bromley, £543,226
  22. Canbury, Kingston upon Thames, £542,893
  23. Hendon, Barnet, £539,024
  24. Ferndale, Lambeth, £537,101
  25. South Camberwell, Southwark, £535,893
  26. Abbey, Merton, £534,016
  27. Wanstead, Redbridge, £532,663
  28. Kilburn, Camden, £531,428
  29. Lordship, Hackney, £529,320
  30. Bow West, Tower Hamlets, £525,396
  31. Larkhall, Lambeth, £525,299
  32. Darwin, Bromley, £520,740
  33. West Barnes, Merton, £518,202
  34. Oakleigh, Barnet, £517,357
  35. Hackney Central, Hackney, £517,269
  36. Graveney, Wandsworth, £516,956
  37. Greenwich West, Greenwich, £514,664
  38. Tooting, Wandsworth, £514,083
  39. Harringay, Haringey, £513,544
  40. Canons, Harrow, £511,375
  41. Petts Wood and Knoll, Bromley, £509,952
  42. Finsbury Park, Islington, £509,051
  43. College Park and Old Oak, Hammersmith and Fulham,£505,595
  44. The Lane, Southwark, £501,320

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