London properties 'could cost £400k by 2011'
www.moneynews.co.uk > Housing market > London properties 'could cost £400k by 2011'
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Money News |
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London properties 'could cost £400k by 2011'
Wed 25th Oct 2006
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A rise of 34 per cent in property prices represents an increase of nearly seven per cent a year, showing a greater ascendancy than the average wage in England's capital, which is estimated to increase by between 4.1 per cent and 4.4 per cent annually.
Reasons for the sharp rise in house prices has been attributed to an increase in population in London and a lack of houses to meet demand, resulting in a scramble for property.
Head of the London Housing Federation Berwyn Kinsey explained: "Londoners are increasingly left with the choice of expensive rental accommodation, living in house shares or with parents, or leaving the capital altogether.
"Many thousands more are homeless or living in overcrowded conditions as demand for affordable housing outstrips supply."
A typical property in London has seen its value more than double to 139 per cent since 1997, says the London Housing Federation.
Related News : Housing market |
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