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London house prices rise by more than a solicitor’s wage

Posted by: In: Real Estate 27 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

Photo: Martie1Swart

UK house price growth has been talked about repeatedly in the past year, almost to the point where many might feel it has been overstated. While the market is moderating, though, values have increased significantly over the past 12 months, which means that many are still struggling to purchase a property.

To highlight the extent to which house prices have increased, a new report by the National Housing Federation reveals that in nearly a third of London boroughs (10), houses ‘earned’ more than London solicitors who take home £70,840 on average.

Indeed, properties in 20 of London’s 33 boroughs have risen by more than £35,316 in just one year, meaning that thousands of homes have earned more than a nurse on an average full-time salary.

As the chronic shortage of affordable homes in London continues to push prices way out of reach of average earners, the National Housing Federation is urging the government to come up with a long-term plan to end London’s housing crisis within a generation.

With renting from the private sector being the only viable option for thousands of London workers, average rents have shot up by 14 per cent, the equivalent of £182 per month, in two years.

According to a YouGov poll for the National Housing Federation, 70 per cent of private renters in England aspire to own their own home, meaning thousands of core workers are being locked out of home ownership, says the NHF.

David Orr, chief executive of the National Housing Federation, said: “It’s no secret that house prices are way beyond the reach of pay packets of hard working Londoners, but these figures show just how absurd and unfair the housing crisis has become.

“What chance have our core workers got of ever owning a home in London?”

UK, House Prices

Source: The Movechannel


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