The average London property may come with an eye-watering price tag of £550,000 but the real cost of buying is even more daunting.
Less than half the housing stock currently available in the capital is for sale at the average price or below, according to a new study from eMoov.co.uk.
It found that just 46% is for sale at the average price or below, a figure that falls to just 6% in Kensington and Chelsea.
Westminister (7%), Hammersmith and Fulham (14%), Camden (14%), Wandsworth (22%) and Islington (25%) also have a shortage of lower-priced properties.
In a further 13 boroughs, just 50% or less of housing stock was listed at the average price or below.
EMoov founder and chief executive of Russell Quirk said £550,000 doesn't go far in London.
“When you talk about the average cost of buying in the capital being over half a million pounds, the mind really does boggle."
He said the average price “masks the true cost of living in the capital”.
There are 14 boroughs in London where the average house price was below £550,000: Hounslow, Bromley, Waltham Forest, Enfield, Hillingdon, Lewisham, Redbridge, Greenwich, Newham, Croydon, Sutton, Havering, Bexley and Barking & Dagenham.