London housing News

Four in 10 homes have been sold for a loss in England and Wales since 2007, while more than half made a profit, according to new figures out today.

But, 71 per cent of houses sold in London still made a profit despite the tough economy.

Across the country, 41 per cent of homes sold for a loss. The average shortfall was £24,430, according to analysis of Land Registry figures.

Over the same period, 56 per cent of homes were sold for an increase on the original amount the seller paid, making an average sum of £45,199.

London house prices have tended to buck the national trend by recording relatively strong increases, much of which has been put down to wealthy overseas buyers who see the English capital as a safe haven amid the troubles of the Eurozone.

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Today'sfigures show that Government-led efforts are working to help aspiringhomeowners realise their dream of getting onto the property ladder, with thenumbers of first-time buyers now at its highest level for five years.Bytackling the deficit interest rates have been kept down, directly helping makehome ownership a more affordable prospect.

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The cost of buying a home has become £1,440 a year cheaper than renting, research from Halifax found today.

MartinEllis, housing economist at Halifax, said that while the "financial attractiveness" of buying a home has improved in recent years, the tough economy is still holding would-be home buyers back.

"Concernsover job security and raising a deposit are the main obstacles to people buyingtheir own home. However, it is worth noting that once homebuyers are on the first rung of the ladder, their monthly costs are notablylower"

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The cost of buying a home has become £1,440 a year cheaper than renting, research from Halifax found today.

The gap has widened in recent years amid house price falls and record low interest rates which have made borrowing cheaper for those who can get access to a mortgage.

Meanwhile, increased demand in the rental sector from those struggling to raise a deposit or meet lenders' borrowing criteria has pushed up rental costs.

Halifax said the average monthly costs associated with buying a three-bedroomed house stood at £621 in December, which is £120 cheaper than the typical monthly rent of £741 on a similar property.

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Should money made in the capital stay in the capital? Boris Johnson thinks so.

He's wants the Government to give London the 1.3 billion pounds raised here through Stamp Duty every year.

With property prices traditionally higher than anywhere else in the country, the Mayor thinks the money made selling flats and houses should benefit Londoners, and be used to build more so-called affordable homes.

So is this the right way to solve the housing crisis?

Here's Rags Martel.

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• London Mayor Boris Johnson

According to the government's impact assessment, almost two thirds of the tenants affected by the so-called 'bedroom tax' are from households that contain someone who is disabled.

• 660,000 social housing tenants to be affected by 'bedroom tax'
• 420,000 of these households contain someone who is disabled

Watch: Couple break down over prospect of 'bedroom tax'

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A think tank has said that high rise housing blocks should be bulldozed and replaced with houses in a bid to tackle social problems and "no go" areas. A Policy Exchange report said there was evidence that multi storey flats attracted higher crime rates.

Here are some of your views from today's Facebook discussion.

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Residents of a London tower block have disagreed proposed plans to bulldoze high rise housing for a number of different reasons.

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