It was found that the most affordable wards were located in the outer London boroughs.
Out of 33 boroughs, including the City of London, only 13 still have wards with an average house price below £300,000, compared with 27 boroughs five years ago.
By the end of 2016, the average house price in London rose to £545,000.
Five years ago, almost half (48%) of the wards had an average house price below £300,000.
Since then average house prices in London have risen by 62%.
As it stands, there are now more electoral wards (8.3%) in London with an average house price above £1m than there are wards with an average price below £300,000.
Across the UK there are only 12 other wards that have an average house price exceeding £1m.
The most expensive London area in 2016 was Knightsbridge and Belgravia with an average price of £4.3m, while the most affordable was Thames ward in Barking and Dagenham.
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