House prices in capital to reach £400,000
Nov 09, 2006
London is facing a housing "time bomb" with the average house price set to rise to £400,000 in the next five years, a new report claims.
A report from the London Housing Association, which represents the 400 housing association in the capital, predicted that house prices would soar by £100,000 over the next five years as demand for affordable housing outstripped supply.
With the average home in the capital already nearly £300,000, the gap between house prices and wages looked set to widen, with wages predicted to rise by 4.1 to 4.4 per cent a year, compared to a seven per cent rise per year predicted for house prices.
Head of the London Housing Association Berwyn Kinsey said that people in the capital were increasingly being left with the choice of living in house shares or with parents, renting expensive accommodation or moving away from London.
The least affordable place in London was found to be Camden, with the average property costing 10.7 times the average income.
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