London House Prices

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According to the BBC the average prices of Greater London property rose by 10.2% in the year ended December 2010.


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From a total of 21,761 sales, the average Greater London property price during October to December 2010 was £408,534.

This figure is slighly lower than the average for Terraced Houses, which came in at £446,472.

The breakdown in average price per property type was:

£807,526 Detached
£422,413 Semi-detached
£446,472 Terrace
£339,141 Flat

Median full-time weekly earnings in London were £642pw (£33,384 per annum) according to the 2010 ASHE (Annual Survey of Hours and Earnings).


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The result of these figures shows the Greater London property affordability as:

Detached houses are equal to 24.2 times the average full time wage
Semi-detached houses are equal to 12.7 times the average full time wage
Terraced houses are equal to 13.4 times the average full time wage
Flats equal to 10.2 times the average full time wage

The average property at £408,534 was equal to 12.2 times the average full time wage.


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