Just three London boroughs have property prices with an average of less than £300,000, according to new figures from the Land Registry. All of these boroughs are either in the east or south-east of the capital.
The report suggests that only Barking and Dagenham and Newham in the east, plus Bexley in the south-east, are areas where average property prices stand below the £300,000 mark.
Of these regions, Newham showed the highest annual increase of 17.2%, which took the average cost of homes in regions such as West Ham and Canning Town to £295,306. Hackney recorded the largest monthly rise of all London regions, with the average price of a property in the area now £616,004.
Figures from the report show that the average cost of a property in London has risen to £474,544.
Average cost of homes under £300,000 in 3 London boroughs
Moreover, regional sales figures for the whole of England and Wales in April show that London boasted the highest price rises during the last 12 months, with an annual increase of 10.9 per cent.
Average house prices in England and Wales saw an increase of 5.1% during the last year and now stand at £179,817.