Ilford Town only place in London with average house price below £250,000
- Credit: Andrew Baker
Ilford Town is the only London ward where the average house price was below £250,000, new research shows.
The average price of a first home across England and Wales is slightly below the £200,000 mark, but there are no places in London where you can find a new home for that price, according to estate agent Savills, which carried out the research.
Out of more than 600 electoral wards across the capital, the only place which comes close to that is Ilford Town, where the average price is £244,892.
Ten years ago, more than half (53 per cent) of electoral wards across England and Wales had an average house price below £200,000, according to the findings.
The percentage has now fallen to 29pc, down from 44pc five years ago.
Savills produced the findings by analysing Office for National Statistics (ONS) house price data.
It said Nationwide Building Society has previously put the average price paid by a first-time buyer in the UK at £196,223.
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The proportion of wards where the average house price is more than £500,000 has gone from just under 3pc in 2010 to more than 11pc in the past decade.
Twenty years ago, the proportion barely registered, at just 0.2pc or 13 wards, Savills said.
Lucian Cook, head of UK residential research at Savills, said of the findings: “This doesn’t create issues for existing home owners and those looking to trade up the housing ladder, given both the amount of equity they have in their home and the low cost of debt on their mortgage.
“But it will continue to present a significant barrier to prospective first-time buyers, unless the recently announced mortgage guarantee scheme or other initiatives unlock significantly more competitive mortgage finance for those struggling to raise a deposit.”
A string of banks recently launched new 5pc deposit mortgages, as part of a government-backed scheme to help boost first-time buyers.
High value locations are heavily concentrated in London and the south east of England.
Average prices exceeded £500,000 in more than half (54%) of electoral wards in London at the end of September 2020 and just under a quarter (24%) in the south east.