The average detached family home hits the £1m mark - and that includes this bungalow in Hendon

Described as a "rare opportunity", this bungalow has a £1m price tag. The four-bed detached chalet style property, in Queens Road, Hendon, has a bathroom and shower room. It has three living rooms, a reception hall, a front room which is currently being u
12 April 2012

The average price of a detached family home is now more than £1 million in a quarter of London boroughs, according to new official figures.

Prices soared last year because of a desperate shortage of larger houses for sale and a huge influx of foreign and City buyers, say agents.

As well as the "usual suspect" central boroughs such as Kensington & Chelsea and Westminster, detached homes have passed the £1 million mark in more suburban outer London areas such as Barnet, Merton and Wandsworth.

Families can expect to have to pay seven figures for detached homes in a total of eight boroughs, according to previously unpublished quarterly Land Registry figures. In two others, Enfield and Ealing, prices are above £900,000.

The Land Registry quarterly price statistics are the only measure based on every property sold in the capital.

They show that the average cost of a detached home across London as a whole was £804,306 at the end of last year, up an astonishing 19 per cent on 2009.

Agents say the family home market has been far stronger than that for flats and apartments because of demand from "equity rich" professionals and, in central London, from wealthy foreigners. Smaller properties favoured by first-time buyers have been more badly hit by the mortgage funding drought with prices rising just eight per cent between the last quarter of 2009 and the end of last year.

Peter Rollings of agents Marsh & Parsons said that family homes in Battersea were the single fastest rising property category in London last year.

The figures came as one firm of property specialists forecast that prices in central London could double even from their 2008 highs by 2016. Naomi Heaton, chief executive of property investment advisers London Central Portfolio, said prices in central London had returned to their long term trend of doubling every eight years after the "blip" of the crash from early 2008 to spring 2009.

She said: "We had two years of abnormal markets so there is probably a little bit of catching up to be done. There is no reason to expect that prices will not double by 2016."

It is the most upbeat forecast of prospects for the central London property market for two years.

Meanwhile leading estate agency Cluttons predicted prices in prime London areas will rise by an average of five per cent a year by 2015.

What it buys you - £1m homes on the market


Four-bed detached property with a front garden for sale at £1m in Copse Hill, Wimbledon

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