House prices in London have soared by 43% since the pre-financial crisis peak in 2008.
The average price of a property in the capital rose by 5.3% in the past year, to £513,000, says the Office for National Statistics (ONS). The average price across the UK increased by 5.7% to £277,000 over the same period.
Shelter’s Roger Harding says that prices were up £12,000 nationally from this time last year and urges the Government to build more affordable homes.
He believes a further price rise “means for an entire generation, a home of their own is nothing but a pipe dream.”1
Richard Snook, Economist at PricewaterhouseCoopers, warns that by 2025, there will be more private renters than those owning a home with a mortgage.
Housing Minister Brandon Lewis claims that the Government has delivered over 260,000 affordable homes in the last five years. He adds: “This is real progress, but we know there is more to do.”1
1 Binns, D. (2015) ‘House prices soar 43% since crunch’, Metro, 19 August, p.7