Are the prices of London homes officially out of control?

London houses have hit an all-time high. So high, in fact, that you will sooner be able to afford your very own private island before you can ever start thinking about getting behind a London home. And we’re not exaggerating: the average price of a London home for a first-time buyer is now more expensive than two-thirds of the world’s private islands. And if that doesn’t put the state of our capital’s housing economy in perspective for you, we don’t know what will.

Data from Knight Frank released in The Island Review has shown that 65% of private islands currently on the market cost £354,000, less than the average price of a first-time buyers London home which come in excess of £364,000 – and we all know that that’s going to get you a one bed 2.5 square foot home somewhere two hours away from central London. There or thereabouts, at least.

So no, owning an island is no longer a far fetched myth of the rich and the famous – it’s more of a reality for most of us than buying a London home will ever be. And if that’s not enough to make you run for the hills – literally – we don’t know what is.

Main & featured image: Virgin