According to the BBC the average prices of Greater London property rose by 10.2% in the year ended December 2010.
From a total of 21,761 sales, the average Greater London property price during October to December 2010 was £408,534.
This figure is slighly lower than the average for Terraced Houses, which came in at £446,472.
The breakdown in average price per property type was:
£807,526 Detached
£422,413 Semi-detached
£446,472 Terrace
£339,141 Flat
Median full-time weekly earnings in London were £642pw (£33,384 per annum) according to the 2010 ASHE (Annual Survey of Hours and Earnings).
The result of these figures shows the Greater London property affordability as:
Detached houses are equal to 24.2 times the average full time wage
Semi-detached houses are equal to 12.7 times the average full time wage
Terraced houses are equal to 13.4 times the average full time wage
Flats equal to 10.2 times the average full time wage
The average property at £408,534 was equal to 12.2 times the average full time wage.
Greater London Average property price for the quarter April-June 2011 is £419,091
The average prices for specific property types are:
£724,568 Detached
£426,620 Semi-detached
£463,695 Terrace
£358,201 Flat
From the same BBC source as the main post.
The BBC reported these figures in 2005
Average 2005 house prices in Greater London are:
Detached: £569,338
Semidetached: £278,070
Terraced: £278,094
Flat: £239,316
http://www.bbc.co.uk/insideout/southeast/series7/property.shtml