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Average London home will cost £650,000 by 2020, report warns

Paula Higgins speaks to the Evening Standard about a new report into house prices

The Evening Standard has reported that the cost of an average London home will soar by more than 40 per cent to almost £650,000 in just six years, a report claims today.

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It means a new generation of young Londoners will be excluded from home ownership, researchers warn.

Paula Higgins, of campaign group HomeOwners Alliance, said: “With property developers and buy-to-let landlords buying up all the properties in central London, it’s no surprise hardworking Londoners on normal incomes can’t afford a home there. 

“This report shows even buying in the outskirts is an uphill battle. Options are running out — what is happening not only damages a generation locked out of being able to afford stable and secure homes, but damages London’s competitiveness.”

The report called on Boris Johnson, the Government and the London Enterprise Panel to massively increase affordable housebuilding.

Rents are set to go up by about a third, as housebuilding fails to keep up with the growth in the capital’s population.

The biggest price rises will be seen in cheaper outer London boroughs such as Waltham Forest, Haringey and Lewisham.

The stark forecasts — compiled by analysts Oxford Economics on behalf of the National Housing Federation— suggest many young workers will be forced to leave the capital because of a “huge shortfall” in new homes.

Read more

Check out our House Price Watch index for the latest house price information in your area
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‘We don’t want to be generation rent’ – a first time buyer’s perspective
Help to Buy – a pessimistic first time buyer’s perspective
Help to Buy – an optimistic first time buyer’s viewpoint
Second Stepper Blog Part 1: Decision time
Mates mortgages and other mortgage innovations
Can I afford to buy a home?
6 steps to improve your credit rating before getting your first mortgage
How can the government help you buy a home?

 


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