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Shelter finds just 43 'affordable' homes in London

The 'average' family has very little choice when it comes to buying a home, according to Shelter Credit: Yui Mok/PA Wire/Press Association Images

A snapshot survey by the housing charity Shelter has found just 43 homes for sale in London which could be afforded by families earning an average income of 30 thousand pounds. It examined thousands of properties on the market but found very few where an average family could pay the required mortgage.

Sellers urged not to list property at unrealistic prices

Credit: Reuters

41% of homeowners in London would try to sell their property for a higher price than their estate agent quoted.

New research from online estate agency eMoov has warned that people could see their homes failing to sell for months because they have listed their properties way over their real value.

Its survey also found 31% of Londoners say getting the highest price is the most important factor when selling a home.

While only 3% would list their property at a lower price than they've been quoted by the estate agent.

Across the UK, it found the average home sold for £180,252 according to the latest Land registry report yet the average asking price on property website Rightmove is £279,000.

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House price growth slows in London

House prices in five UK cities have been rising faster than in the capital.

Findings by Hometrack found house price growth in London slowed by two-thirds in the last quarter to 0.5%. That is compared to 1.4% three months ago.

Meanwhile property in Edinburgh, Glasgow, Southampton, Bristol and Birmingham rose at a faster pace in the three months to November.

Edinburgh (1.8%) and Glasgow (0.9%) registered the fastest house price inflation in the last quarter, as demand fed back into the market post-referendum.

The greatest reversal was seen in Aberdeen (-0.4%) and Cambridge (-0.2%), but Oxford (0.3%), Cardiff (0.2%) and Bournemouth (0.1%) also showed pronounced slowdowns.

Record drop in London house prices

London house prices have rocketed in the last year Credit: Reuters

Asking prices for property in London have seen the largest monthly drop across England and Wales. According to website Rightmove, the average figure in the capital is just over 550 thousand pounds - that's almost 6 percent lower than in July. There has, though, been a 20 per cent year-on-year jump in the number of newly-marketed homes.

Businesses evicted to build new homes

A growing number of businesses in London are being evicted so their buildings can be turned into flats.

It follows a change to the law, which means full planning permission is no longer needed to convert commercial property in new homes.

Some councils are now criticising developers taking advantage of the situation to make a profit from the capital's booming housing prices.

Islington Council's executive member for housing and development, Councillor James Murray, said: "I'm very frustrated by the planning minister's decision to stop us doing what's right for Islington.

"We're already seeing small businesses and charities being evicted from offices to make way for bedsits. People in Islington are losing out on jobs, affordable housing, and any community benefit."

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Chance of owning own home 'ever more distant dream'

For many Londoners struggling to get a foothold in the burgeoning property market, waking up to the news that property prices have risen again will feel like groundhog day. The likelihood of owning your own home is becoming an ever more distant dream for too many Londoners.

People are crying out for serious leadership on housing in London. Boris Johnson has utterly failed in this regard over the past six years of his Mayoralty. A key driver for the soaring property market is the fact that on his watch London is currently only building a third of the 62,000 new homes we need each year to keep pace with our growing city.

– Tom Copley, Labour member of the London Assembly

Annual house price rise 'sharpest since records began'

The annual increase for London house prices is the sharpest since records began in 2002.

House prices are increasingly strong across most parts of the UK, with prices in London again showing the highest growth.

– Office for National Statistics
  • Prices rose by 9.6% in the South East
  • 8.6% in the East
  • Outside London and the South East, annual price increases averaged 6.4%

Source: ONS

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