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. an aerial view of Los Angeles shows the complex of freeways, new construction, familiar landmarks, and smog in 1962.
    Transportation

    The Problem With Amazon’s Cheap Gas Stunt

    The company promoted its TV show The Marvelous Mrs. Maisel with a day of throwback 1959-style prices in Los Angeles. What could go wrong?

  2. Warren Logan
    Transportation

    A City Planner Makes a Case for Rethinking Public Consultation

    Warren Logan, a Bay Area transportation planner, has new ideas about how to truly engage diverse communities in city planning. Hint: It starts with listening.

  3. A photo of a police officer in El Paso, Texas.
    Equity

    What New Research Says About Race and Police Shootings

    Two new studies have revived the long-running debate over how police respond to white criminal suspects versus African Americans.

  4. Maps

    The Map That Made Los Angeles Make Sense

    For generations in Southern California, the Thomas Guide led drivers through the streets of Los Angeles. Now apps do that. Did something get lost along the way?

  5. a photo of the L.A. Metro Expo Line extension
    Life

    Why Can’t I Take Public Transit to the Beach?

    In the U.S., getting to the beach usually means driving. But some sandy shores can still be reached by train, subway, and bus.

×