What factor contributed to the average house price in Greater London to be £478,853 in 2018?

The average house price in Greater London being £478,853 in 2018 can be largely attributed to market demand and economic growth. During this period, Greater London experienced a surge in both population and economic activity, leading to an increased demand for housing. As more people moved to the area for jobs or lifestyle preferences, the competition for available properties intensified, pushing prices higher.

Economic growth also played a pivotal role, as stronger economic conditions usually correlate with higher incomes, making it easier for buyers to afford homes. This demand-driven price increase is typical in urban areas where job opportunities attract residents, thus elevating property values.

Other factors like increased availability of housing, lower taxes on property sales, or government subsidies may influence various housing markets, but they do not explain the specific trend of rising average prices in Greater London during that time as effectively as market demand and economic growth do.