Revealed: How much it will cost to buy a home in London by 2030

Mapped: A projection of the average house price across the capital in 2030
eMoov
Hatty Collier18 May 2016

The average price tag of a home in London could surpass £1 million by 2030, according to new research mapping out house prices across the capital.

Kensington and Chelsea will remain the most expensive place to live in London with average values climbing from £1.9million to £3.4million, the research claims.

While in Barking and Dagenham – currently one of London’s cheapest areas to buy a home – typical values will rise to £450,000, an increase of about £240,000.

Estate agents eMoov have mapped out the costs based on an 84 per cent increase in house prices from 2000 to 2015 and applied it to the next 15 years.

The company released the map as a projection of what could happen if house prices “continue to spiral beyond affordability”.

Russell Quirk, eMoov CEO, said: “Getting on the London ladder is already out of reach for the majority and the picture painted by this research gives little hope for those aspiring to do so in the future. London will always drive the UK market in terms of value and so an increase in prices is inevitable.

“However, when you consider that in 15 years the price of property could almost double, it makes for a worrying outlook for the majority.

“This research highlights that the current mix of high demand, easily obtained credit and low supply are a volatile mix to be fuelling the UK and London markets with and what the outcome could be if it continues.

According to the data, 14 of the capital’s 32 boroughs could have an average house price of more than £1m by 2030.

Only Croydon, Bexley, Newham and Barking and Dagenham would offer an average house price below £600,000.

If the projected rise plays out across the UK, average values will reach £457,433 in England, £307,713 in Wales and £297,222 in Scotland.

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