The Deputy Mayor for Housing has told ITV London that there are more first-time buyers in the market since the recession in 2008. Richard Blakeway said that billions of pounds were being made available to first-time buyers.
There is bad news for young Londoners looking to buy their first home. Single people face an average of 30 years of saving up for a house deposit.
The bleak findings about the state of the capital's property market are in research commissioned by the housing charity Shelter.
Glen Goodman reports:
A new report commissioned by housing charity Shelter suggests that it will take more than 40 years for single young people to save up for a deposit to buy a house in the Borough of Kensington and Chelsea.
According to the figures, single households will spend the following years saving up:
- Kensington and Chelsea - More than 40
- Westminster - More than 40
- Hackney - More than 40
- Camden - More than 40
- Islington - 35.8
- Haringey - 35.3
- Hammersmith and Fulham - 33.3
- Brent - 32.3
- Lambeth - 32.3
- Ealing and Tower Hamlets - 30.5
IT professional Susan Tegala has told ITV London reporter Glen Goodman that saving up for a house deposit while single seemed "impossible".
Ms Tegala added that paying rent meant that she was unable to save, deeming it a "never-ending battle".
The head of Policy and Research at housing charity Shelter has told ITV London that Government action towards house prices are helping existing homeowners instead of young people.
Roger Harding said that despite young people working hard, home ownership was "slipping away".
A London breakdown of how long it would take average first-time buyers to save for a deposit in their local area:
- Average first-time buyer house price: £278,417
- Average first-time buyer deposit: £55,683
- Years for a couple to save average deposit: 10.8
- Years for a couple with a child to save average deposit: 20.5
- Years for a single person to save a deposit: 29.5
Affordability of housing has improved under the current government, housing minister Mark Prisk said today, after a new report found that young people face having to save up to 30 years before they can afford a deposit. Mr Prisk said:
The evidence shows that affordability has improved under this Government, with housing at its most affordable since 2003 and the highest number of first-time buyers since 2007.
We are building 170,000 new affordable homes across England, and have introduced a package of measures to help people move on to and up the housing ladder.
New research commissioned by housing charity Shelter shows that young people are being locked out from home ownership, shadow housing minister Jack Dromey said today.
Mr Dromey said: "This research shows the scale of the housing crisis and the impact it is having on young people and families, who are locked out from home ownership.
"David Cameron simply has no answer to Britain's housing crisis. Despite relaunching his Get Britain Building programme four times and making hundreds of announcements, the number of affordable homes being built actually went down by a third in the last year".
Young people are facing life-changing choices between starting a family or buying a home of their own, the chief executive of Shelter said today.
Independent research commissioned by housing charity Shelter shows that people in their 20s have become locked out of home ownership. Campbell Robb said:
This is the first time research like this has been conducted at a local level to reveal the harsh realities that 'generation rent' is having to confront because of our shortage of affordable homes.
Despite working hard and saving what they can each month, today's young people face life-changing choices between starting a family or buying a home of their own.
Meanwhile, single people face an added pressure to either find a partner or to live with their parents well into their 30s if they're ever to have a hope of saving enough for a deposit.