|
Buying an average-priced property in London now requires an income of nearly £82,000, a sum earned by fewer than one in 10 Londoners, the London Housing Federation has revealed.
Responding to figures released this week by Rightmove.co.uk which show that in March 2006 the average house price in London broke the £300,000 barrier for the first time, the Federation expressed serious concerns about the impact of high house prices on a huge swathe of Londoners.
London’s average house price - £300,790 – now stands at 11.5 times average individual earnings, which are £26,0002. Assuming that a couple both earned this amount, the largest mortgage they could reasonably afford would be £182,0001.
Berwyn Kinsey, head of the London Housing Federation, said: "Some Londoners will applaud the news that house prices have broken the £300,000 barrier, but for many more this is evidence that the housing nightmare is getting worse."
"What’s worrying is that an increasingly large section of London’s population falls between two stools where housing is concerned. With affordable homes in desperately short supply, they are forced to make do in expensive private rented accommodation or take on more debt than they can afford to buy a home of their own. The only way to improve the situation is to build more affordable homes."
|
Get
this news on your website !
Sponsored listings: