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London Property Prices Break £300K

By london_alice Last edited 118 months ago
London Property Prices Break £300K

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We all know that London property prices are shockingly expensive. But just in case you were in any doubt about it, Halifax, Britain's biggest mortgage lender, has released new figures that leave little room for debate.

The average price of a home in London is now £313,122. In the rest of the South East, that figure drops slightly to a mere £259,904.

That means that the average home is now above the level at which inheritance tax kicks in, and means a stamp duty of 3% rather than 1%.

It's all very depressing, unless you're selling your home. In that case, we're sure you're doing a dance of joy.

Just for comparison, here's a look at what that £313,122 could buy you if you lived elsewhere:

San Pedro, California, USA ($642K USD) - Four bedroom, three bathroom house with spa.

Sayalonga, Spain (€460K EUR) - Villa with guest cottage and panoramic Mediterranean and mountain views.

Ohope, New Zealand ($800K NZD) - Five bedroom, two bathroom house with harbour views.

Villars, Switzerland (765K CHF) - Two bedroom apartment benefiting from excellent views.

Akasaka, Tokyo, Japan (¥81,800,000 JPY) - Two bedroom, 942 square foot apartment with balcony.

If all that's getting you depressed, just remember that there are good points to living in London as well.

Image taken from Nicobobinus's Flickr photostream

Last Updated 20 July 2007

guest

'Average' is meaningless. Average what? The average includes everything from a Chelsea palace to a houseboat in Hackney.

eas_e

Exactly that - an average of all home sales - from a palace to a houseboat. It's not that meaningless and will only fuel sellers to up prices even more and people willing to buy at those prices.

guest

fuel sellers - how so? if prices get too high, people will refuse to buy ... and then prices will go back down again. Right now it's terrible if you don't already own property. But these things go in cycles. Just hold on.

guest

yes, median price is more meaningful

btw, Manhattan is even more expensive, if it's any consolation:

By Les Christie, CNNMoney.com staff writer
July 3 2007: 3:39 AM EDT

NEW YORK (CNNMoney.com) -- If there's one place where the housing slump seems to be a figment of the imagination, it's New York City. A home in Manhattan is more expensive than ever, according to the latest reports from several big New York real estate brokers.

The median Manhattan condo or co-op apartment sold for between $840,000 and $895,000 during the three months ended June 30.