typical london house now costs almost ten times the average local income as rising house prices lower affordability to the lowest level on record.
This comes as the latest figures from Nationwide Building Society show that the capital’s house price growth has slowed from 7.4 percent to 6 percent.
But with hybrid jobs and the Covid-era race-for-space still driving many people’s property decisions, is it still possible to make a relative bargain well within the Zones?
Research by Savills estate agents shows that a typical apartment in Zone 4 costs more than £ 610 000, but in Zone 2 an equivalent house costs around £ 364 000.
In New Cross, also in Zone 2, one of the best value deals is an apartment for around £ 324,000, and Peckham is said to be the best value for a house in the house at around £ 590,000.
But go a little further to Zone 3 and to East Ham for an apartment for about £ 238 000, while the smartest buyers in Zone 4’s Ilford have an apartment for about £ 177 000 and a Thamesmead terrace house for about £ 337,000 can win.
We discover more about the new factors that drive property price growth, whether it is sustainable and why the Elizabeth Line can be a game changer for house prices.
There is also an analysis of the latest plans to try to tackle London’s upholstery scandal affecting apartments and why the rental market is red-hot again with sealed bids after pandemic restrictions were lifted.
To examine the latest data, The Leader’s joined Evening Standard’s business editor Jonathan Prynn and Homes & Property editor Prudence Ivey.
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