These 11 areas have just been named Londons new £1m areas

Hammersmith, one of London's 11 new £1 million areas (Getty)

pLondon has 11 new £1 million neighbourhoods and most of them are in the suburbs, thought to be the last affordable areas of town for people hoping to get on the property ladder./p pIn a report, property agency Knight Frank said 11 new postcodes have crossed into the £1 million price bracket. This is defined as a post code where 20 per cent of property sales have been above £1 million in at least one quarter since the start of 2014./pp The 11 postcodes that fit into this category are:/ppHammersmith, Maida Vale, Queen’s Park, East Finchley, Muswell Hill, Battersea, Vauxhall, Highbury, Kentish Town, Clerkenwell and Herne Hill./ppHammersmith alone has had five such quarters since 2014, making it the area that has undergone the biggest transformation in terms of £1 million-plus sales./ph5Read more: bra href=http://www.independent.co.uk/news/business/news/help-to-buy-lays-the-foundations-for-record-profits-at-housebuilder-10492404.html?origin=internalSearch target=_blankHelp to Buy lays the foundations for record profits/abra href=http://www.homesandproperty.co.uk/luxury/property/prime-london-house-prices-new-figures-reveal-top-10-most-expensive-boroughs-buy-homeThe top 10 most expensive boroughs to buy a home/abra href=http://www.homesandproperty.co.uk/property-news/news/london-house-prices-hillingdon-replaces-newham-capitals-fastest-growing-borough target=_blankDiscover Londons fastest growing borough/a/h5pProperty prices are going up much faster in outer London because the starting prices are lower than in the centre. Properties below £1 million grew 17.5 per cent in central London and 21.3 per cent in outer London in the two years to August 2015. Between £1 million and £2 million, prices grew 15.7 per cent in prime central London and 18.5 per cent in prime outer London over the same period./pp img alt=1020-Vauxhall-Sky-Gdns-at-9.jpg src=http://www.independent.co.uk/incoming/article9967643.ece/BINARY/1020-Vauxhall-Sky-Gdns-at-9.jpg width=w460/ span class=caption Vauxhall, one of Londons new £1 million areas /span Knight Frank said the old trope about foreign investors buying up property isn’t to blame for the sudden explosion of £1 million areas in the suburbs./ppInstead its lack of supply, which is forcing up prices in places like Vauxhall and making £1 million properties more common. /ppDemand for London property at below £2 million is expected to remain strong, with Londons population forecast to grow by more than 100,000 every year for the next decade./pp a class=escenic-gallery href=http://www.independent.co.uk/news/business/business-news-in-pictures-9619568.html id=9619568 Business news in pictures /a /pp“As house prices grow across London, it will create new markets where properties cross the £1 million threshold,” it added./ppThe Chancellor George Osborne has been accused of worsening the UK housing crisis, which is most acute in London. Conservative policy has focussed almost exclusively on measures that boost housing demand and not supply, such as the right to buy, help to buy and rent to own schemes. Only 141,000 homes were built in 2014, far short of the 230,000 needed to satisfy demand./pp /p