London buyers had better start saving up as experts predict property prices could hit £1million by 2020.
And that’s just for a standard house in the capital.
Portal Rightmove announced the findings as it revealed the asking price of homes coming to the market post summer have jumped by 2.2% - or more than £13,000.
This means those plumping for a new pad can expect to pay around £620,003.
Figures show this is an all time high and an 0.8% increase on the previous record set in July.
If this growth rate continues, the average price tag of a London home would be £1million by the end of 2020.
Rightmove director and housing market analyst Miles Shipside said: “This month’s 2.2% rise more than reverses the seasonal slowdown over the last two months when the average price of property coming to market fell by 0.6%.
“It’s a volatile time of year for average prices however, as potential sellers of higher-priced properties tend to refrain from coming to market in the holiday period, but then get on with their home moving plans again in September partly influenced by children going back to school.
“The back-to-normal service has resulted in new seller asking prices reaching another milestone, with a new record high.”
The annual rate of increase has now rocketed to 9.5% and the online portal pinpoints the long-term imbalance between supply and demand.
This has left the capital with what it calls a “desperate need” for more homes.
However those hoping to buy in the east London boroughs of Newham and Tower Hamlets could have a little more hope.
The two authorities take their place on the top five list of Rightmove’s “worst performers”.
In Newham, there was a monthly price reduction of 2.8% with fees in August at £371,915 while September saw a price tag of £361,557.
In Tower Hamlets the change was even larger - a 4.4% drop.
Prices in August were listed as £629,626 while as autumn hit, they fell to £566,497.