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housebuyer
Money Saver
Joined: 02 May 2005
Posts: 81
Cash Points ££ 2815.22
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 Posted: Thu Oct 26, 2006 4:36 pm Post subject: Londoners facing a housing timebomb |
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See the article below for more on how house prices have gone bonkers !
How the hell can a FTB afford a 400k house ???
The average house price in London is set to rocket to almost £400,000 by 2011, new research has showed.
Figures from the London Housing Federation suggest that the cost of a typical home in the capital is set to increase by 34% over the next five years.
It has led the federation - which represents London's 400 housing associations - to warn of a looming "housing timebomb" in the city, with the gulf between house prices and salaries growing wider than ever.
It predicts that while average property prices are expected to increase from just under £300,000 at present to £392,000 by 2011, average wages will go up by just 4.1% to 4.4% each year.
This will, according to the report, worsen a housing situation that is already dire for many Londoners.
The average home in the capital currently costs 8.8 times the average salary and in Camden - London's least affordable borough according to the report - a home costs 10.7 times the average income.
Prospective homebuyers need a gross annual income of £79,379 to get a mortgage for an average-value home in the capital, the report noted, pricing many professionals out of the market.
http://www.24dash.com/news/1/12118/index.htm |
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Sugarbabe
Beginning Saver
Joined: 19 Jun 2006
Posts: 49
Cash Points ££ 1027.04
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| Posted: Fri Nov 03, 2006 3:07 pm Post subject: |
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The situation in London is impossible, people on £30k have no chance of buying a property !
It is impossible ! |
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