"How can it be right that the foreign buyer last month of a £140m flat in Westminster will pay just £26 a week in council tax – the same as the average-value property in that council area?
In New Cross, also in the south-east, the average value of property sold increased by 12%.
According to Savills, an estate agent, between 2007 and 2012 the average value of property sold in Haggerston, a stop in one of the poorer areas of Hackney, jumped by 34% (the average value of property sold in London as a whole increased by 25%).
As a result the color change blue cyan green yellow red magenta shows an increasing average value of property in a grid point, and saturation to grey indicates a strong gradient of the value in the vicinity.
Base colour (H) changes from blue-cyan-green-yellow-red-magenta with increasing average value of property in the pixel, while base colour fades towards the grey with increasing standard deviation.
The main rationale behind this scheme is that an average value of property in the environment of interest is often very specific.
The property website found that while the average UK home was worth £284,127, the average value of a property located near a UNESCO site was £362,120.
And for the most part these were not Ferraris and mansions seized from drug kingpins; barely 4% of all property seized between 2003 and 2010 was worth more than $5,000, and the average value of seized property was only $1,250.
Under the current system, the city may borrow no more than 10percentt of the average value of taxable property in the city during the last five years.
The April decline means house prices fell by 0.3% over the year, and the average value of a property now stands at £204,439 – 3.9% below the August 2010 peak of £212,710.
A more standard-sized one bedroom flat on the same road sold for £665k in November 2013, while according to Zoopla the average value of a property on Richmond Avenue is £1.8m.
