The head of property consultancy Designs on Property added.“Just one of the London boroughs has average house prices of under £300,000, which is traditionally considered the average price paid by a first-time buyer in London. There are now more boroughs with prices over £1m than under £300,000.”
According to its monthly performance data for September, of the 32 London boroughs, Barking and Dagenham was the only borough with average house prices from £250,000 to £300,000.
According to the data, there were three levels of year-on-year increases and decreases in London house prices.
Enfield and Bexley saw a 10 per cent rise to 15 per cent. Tower Hamlets and Southwark, up 10 per cent plus, while Hammersmith & Fulham and Camden saw a fall of -1.7 per cent.
Average year-on-year growth for Greater London was 9.6 per cent, according to the data, with Newham the best performer, with growth of 13.6 per cent.
The worst performing borough was Hammersmith and Fulham.
Kevin Dunn, mortgage adviser at Leicestershire-based Furnley House, said: “There are better investment opportunities out of London, in places such as Derby and Nottingham. Naturally, supply and demand are pushing up prices, but the cost in London will steadily start to come down from now as lenders look to reach targets.”