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 The UK’s first monthly on-line journal dedicated to conveyancers!

 

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 Buying an average-priced property in London now requires an income of nearly £82,000, a sum earned by fewer than one in 10 Londoners, the London Housing Federation has revealed.

 

Responding to figures released this week by Rightmove.co.uk which show that in March 2006 the average house price in London broke the £300,000 barrier for the first time, the Federation expressed serious concerns about the impact of high house prices on a huge swathe of Londoners.

 

London’s average house price - £300,790 – now stands at 11.5 times average individual earnings, which are £26,0002. Assuming that a couple both earned this amount, the largest mortgage they could reasonably afford would be £182,0001.

 

Berwyn Kinsey, head of the London Housing Federation, said: "Some Londoners will applaud the news that house prices have broken the £300,000 barrier, but for many more this is evidence that the housing nightmare is getting worse."

 

 

 

 

 

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