Cashing in. Reuters/Toby Melville

The average price for a home in London is now £459,000, or $773,000.

If you have £459,000 ($773,000) to spare or a healthy appetite for debt, property in London is for you. That’s the current average price for a home in the British capital, according to the latest data from the Office for National Statistics. That’s an increase of 17 percent over the past year, or £61,000 in absolute terms, versus 5 percent and £9,000 in the rest of the country.

Bank of England governor Mark Carney has labeled the frothy property market the “biggest risk to financial stability” in the country. Lenders must now follow stricter checks on borrowers, according to new rules introduced last month. Lloyds Banking Group has voluntarily introduced a new policy capping the price-to-income level it will use to approve its biggest mortgages. The bank described it as “a targeted response to an issue largely in the upper tiers of the London housing market.”

We've tried to put London’s gravity-defying property market in context before. Here is another attempt. This is what you could buy for just the change in the average London property price over various time periods, from one month to 10 years:

This post originally appeared on Quartz, an Atlantic partner site.

MORE FROM QUARTZ:

Another Reason to Fear a Chinese Housing Crash: 14% of China’s Urban Jobs Are in Real Estate

After More Than a Decade, China and Russia Have Inked a Gas Deal

Remembering the Brilliantly Fractured Designer of "Psycho"

About the Author

Most Popular

  1. photo: An elderly resident of a village in Japan's Gunma Prefecture.
    Life

    In Japan’s Vanishing Rural Towns, Newcomers Are Wanted

    Facing declining birthrates and rural depopulation, hundreds of “marginal villages” could vanish in a few decades. But some small towns are fighting back.

  2. audience members at venue
    Life

    What Early-Career Income Volatility Means for Your Middle-Aged Brain

    A long-term study of people in four cities finds that income volatility in one’s 20s and 30s correlates with negative brain effects in middle age.

  3. photo: A woman crosses an overpass above the 101 freeway in Los Angeles, California.
    Transportation

    Navigation Apps Changed the Politics of Traffic

    In an excerpt from the new book The Future of Transportation, CityLab’s Laura Bliss adds up the “price of anarchy” when it comes to traffic navigation apps.

  4. photo: Helsinki's national library
    Design

    How Helsinki Built ‘Book Heaven’

    Finland’s most ambitious library has a lofty mission, says Helsinki’s Tommi Laitio: It’s a kind of monument to the Nordic model of civic engagement.

  5. Equity

    Bernie Sanders and AOC Unveil a Green New Deal for Public Housing

    The Green New Deal for Public Housing Act would commit up to $180 billion over a decade to upgrading 1.2 million federally owned homes.

×