Bexley house prices rocket 11% in a year but still second-cheapest in London

PUBLISHED: 14:09 21 October 2013 | UPDATED: 14:09 21 October 2013

Estate Agent's boards in London. Picture: PA

Estate Agent's boards in London. Picture: PA

PA Wire/Press Association Images

Bexley is the second-cheapest borough in London for house buyers despite rocketing prices, according to the latest figures.

The Rightmove House Price Index puts the average home in the borough at £242,000 – up 7 per cent in a month and 11pc since October 2012.

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

While Bexley is one of the cheapest boroughs for property 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 Bexley are still more than twice 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.”

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