In 25 London constituencies, the mean price of an existing semi was above £1 million, according to the Office for National Statistics. The highest was in Kensington at an astonishing £10,893,289 in 2022, the latest figures reveal.
In Chelsea and Fulham, the figure was £5,366,731, Westminster North £5,133,980, Holborn and St Pancras £3,234,360 and Hampstead and Kilburn £2,882,460.
These figures contrast with the average cost of a semi in Dagenham and Rainham at £446,988, Barking £447,000, Erith and Thamesmead £460,257, East Ham £464,545, Bexleyheath and Crayford £484,695, and Hayes and Harlington £490,214.
Claire Harding, interim chief executive of the Centre for London think tank, said: “The gap between those on the property ladder and those for whom homeownership is impossible is now a chasm, leaving more and more Londoners renting, lacking security and exposed to poor quality homes.
“The fact is, we fail to build anywhere near enough new homes — and not just this year, but every year, for decades, which has led us to the situation we now find ourselves in as a city.”
She added: “The average cost of property in London is surging out of most people’s reach. Despite decades of rising prices, it always felt like there remained some parts of the city where buying a home was possible, but even these have gradually disappeared, leaving Londoners aspiring to home ownership afraid that their goal is unrealistic.”
The average cost of a semi was more than £1.5 million in Battersea, Hackney South and Shoreditch, Hammersmith, Hornsey and Wood Green, Islington North, Islington South and Finsbury, Putney, Tooting and Vauxhall.
The figure was above £1 million in Brentford and Isleworth, Camberwell and Peckham, Dulwich and West Norwood, Ealing Central and Acton, Finchley and Golders Green, Greenwich and Woolwich, Hackney North and Stoke Newington, Richmond Park, Streatham, Twickenham and Wimbledon.
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