Agent predicts average price for London two-bed will hit £1m

According to research from estate agent Marsh & Parsons the average price of a two-bedroom property in London could hit £1m by next March.

Their research shows that following a 14% appreciation over the last year the current average value for a two bed in “prime London” is £909,203.

If growth continues at this rate, the average price of a two-bedroom property in Prime London will be £975,843 by the end of 2013 and £1,010,974 by the end of the first quarter of 2014.

Peter Rollings, CEO of Marsh & Parsons said: "Compared to the rest of the country, Prime London property prices may seem high, but the figures don’t tell the whole story.

“There is of course a huge variation between different areas in Prime London. Very high value and high demand areas such as Kensington & Chelsea lift up the overall average figures, but there are still many areas of Prime London which represent better value for money.

“As a result, we’re seeing many young couples and first-time buyers heading to parts of South and South West London in search of more space for their money.”

Today's Conveyancer