Havering house prices hit £275k average but still fourth-cheapest in London

Estate Agent's boards in London. Picture: PA

Estate Agent's boards in London. Picture: PA - Credit: PA Wire/Press Association Images

The average home in Havering will now set you back £273,000 – but the borough is still one of the cheapest in London.

According to the Rightmove House Price Index, prices are up more than 5 per cent in just a month and 4pc since October 2012.

It mirrors the London-wide recovery in property prices that experts have called “unsustainable” after a summer slump.

While Havering is the fourth-cheapest borough in the capital, buying a home is still out of reach for many.

Rightmove housing analyst Miles Shipside said average asking prices in more affordable outer London boroughs like Havering 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.”

Most Read

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter