House prices soar to £500,000 in more than half of London areas

London is “another country”, as house prices surge ever upwards

The unstoppable rise of the London house price has reached another astonishing milestone as average prices now breached £500,000 across 51% of London postcode areas.

According to a report by estate agent Stirling Ackroyd, areas including Peckham, Streatham, Mile End, St Katherine’s Docks, and the E1 area of the East End are all areas where average property prices have surpassed half a million pounds.

Of the 157 UK postcode areas where prices have hit the £500,000 mark, 142 of them are in greater London.

The priciest area of all is in West Central London, where average prices have hit £900,000. London’s cheapest area is Dartford, where average prices remain at a comparatively low £278,000.

Stirling Ackroyd managing director Andrew Bridges said: “London is increasingly another country.

“Within these borders, more and more territory is being claimed by home values only dreamed of by sellers in the past. Meanwhile, for buyers and for businesses – the wave is building outwards and eastwards.

“They say the past is another country too – and that is definitely the case in the capital. Gone are the days of the traditional prejudices about certain postcodes. London is more diverse than ever, but the boundaries are shifting and blurring. Lawyers and bankers are just as likely to live in Hackney as they are to choose Fulham, while the offices of law firms and financial services start-ups are found as frequently in Shoreditch or the Southbank as they are in the City.”

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