A new report has said that the cost of an average London home will soar by more than 40 per cent to almost £650,000 in just six years.
A London developer plans to build the tallest residential tower in the U.K. on a site in the city’s Canary Wharf area.
UK property prices are rising faster than at any time since 2010 according to a new survey - but why?
Rents in London are going up faster than anywhere else in the country, according to a major lettings report. They've increased four percent in the last year, to £1,131 on average.
- In Kingston upon Thames 46 percent of homes sold through Right to Buy are likely to be privately let
- In Enfield the figure is around 50%
- Tower Hamlets has the most with 51 percent likely to be privately let
Today's report shows for the first time that Right to Buy, a policy ostensibly about helping aspiring home owners, has led to tens-of-thousands of London's former council homes being rented out by private landlords.
This has helped to fuel the increase in the housing benefit bill, heaped more pressure on local authority waiting lists and led to more Londoners being forced into the under-regulated private rented sector.
– Tom Copley, Labour London Assembly member
This shows that Right to Buy currently represents incredibly poor value for money to taxpayers. Not only did they pay to build the home in the first place, they then subsidised the considerable discounts offered to tenants and then missed out on the rental income that would have covered the build costs.
Now, we have the indignity of London boroughs renting back their former council homes at higher market rent levels, once again costing taxpayers through the nose.
Around 52,000 properties sold through Right to Buy in London are now let by private landlords. The figures have been released by Labour London Assembly member Tom Copley, and make up 36% of properties sold.
Read more: How the Right to Buy scheme works
All local authority districts in London have been deemed "unaffordable" for first-time buyers, according to Halifax.
It has found 100% of London, the South East, the South West and the East of England are out of reach for people taking their first step on the property ladder.
In contrast, Halifax found 75% of districts in Wales were affordable, as well as 70% in the North West and 52% in the East Midlands.
Yorkshire and the Humber was found to be the region with the biggest percentage of local authority districts which were affordable to first-time buyers, at 76%.
One in 13 Londoners fear they won't be able to pay their rent ormortgage at the end of this month, according to a survey by the housing charityShelter.
It found 22% of people in the capital won't open their post ifthey think it's a bill, while 16% admit to putting it straight in the bin.
Shelter is warning that the 'ostrich effect' created as a result of feeling overwhelmed by money worries could put homes in London at risk this year if overdue rent or mortgage bills are put off until it's too late.
A quarter of all applications for the government's Help to Buy Scheme have been from London and the South East, according to the latest figures. The controversial scheme has been running for three months and is due to continue until 2017.
In the less than three months that the mortgage guarantee scheme has been offered, nearly 750 homeowners have completed their purchases and hundreds were able to spend Christmas in their new homes.
Critics who say the Mayor is failing to tackle London's housing crisis say he must use a keynote speech on the subject today to begin to tackle the problem.
Boris Johnson is launching his new draft Housing Strategy for the capital.
It was part of the Olympic legacy to provide new affordable housing for east London. But no-one has moved into the flats that housed the London 2012 athletes, because of delays. So families have been left with nowhere to live and no explanation. Our Political Correspondent Simon Harris reports.
Triathlon Homes has issued a statement saying it eagerly awaits the handover of homes from the ODA which it expects any day now. And the first residents could move in within a couple of days.