House prices have risen substantially in London.
According to the most recent report from the London Housing Commission house prices in London have risen to 10 times the average wage this year.
House prices are now nearly 45% higher than before the financial crisis and an average deposit in the capital costs over £70,000, rents across the capital have also exploded upwards, figures showed as salaries rose by just 2% rents have increased by 14%.
London Housing Commission chairman Bob Kerslake reportedly said: “Make no mistake — the capital is in the midst of a housing crisis but it’s of a different order to any housing crisis London has experienced in the past,”
“Decent housing and the idea of home ownership is becoming more and more out of reach of ordinary Londoners.
“As the London Housing Commission heard in the many responses to our recent call for evidence, businesses are being detrimentally affected, as current and potential employees are priced out of taking work in the capital.
“Public services are struggling to recruit and low-income households are being forced out of the city by rising rents and frozen entitlements.
“In short, the social and economic fabric of the city is being damaged by our dysfunctional housing market.”
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