December 13 2013 Latest news:
Lizzie Dearden, Reporter
Monday, October 21, 2013
The average home in Redbridge will now set you back a whopping £328,000 – but the borough is still one of the cheapest in London.
According to the Rightmove House Price Index, prices are up more than 6 per cent in just a month and 10pc since October 2012.
It mirrors a London-wide explosion in property prices that experts have called “unsustainable”.
While Redbridge is the fifth-cheapest borough in the capital, buying a home is out of reach for many.
Rightmove housing analyst Miles Shipside said average asking prices in more affordable outer London boroughs like Redbridge are still more than twice the average in the rest of England and Wales, but wages are not significantly higher.
He added: “The buying power required to get onto or move up the housing ladder means many have to tap into the Bank of Mum and Dad.”