London neighborhoods with property prices below city average revealed

What has happened?  In 2012 there were 12 boroughs of the 32 where the typical price tag was below the London-wide average. There are now just eight boroughs with property prices below the London-wide average of £532,000

The reason. This has happened due to the fact that the wave of demand to move to the east and to the edges drove up prices in cheaper areas — according to new data from the property group JLL.

Quote. «Demand for more space and better value for money, combined with the regeneration of far-flung brownfield sites, has caused fast-paced property price inflation to spread to the periphery of the capital and beyond,» says Marcus Dixon, director at JLL.

Locations. Only Barking and Dagenham (31% below the London average), Bexley (-8 %), Newham (-16 %), Havering (-12 %), Croydon (-12 %), Sutton (-7 %), Hillingdon (-2%) and Greenwich (-2%) are below the medium threshold.

Altogether, these eight boroughs had an average property price 20 % lower than the London average in 2012. This gap has narrowed to 12.5 %.

Source: Evening Standard

Photo by Giammarco Boscaro on Unsplash

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