Majority of young families 'cannot afford London home'
The majority of couples - 90 per cent - aged under 40 and with young children are unable to take their first steps on the property ladder if they live in London, new figures have found.
According to figures from the National Housing Planning Advice Unit, on average only ten per cent of young families can afford to buy a home in the capital.
However, in the London borough of Islington and areas such as Camden and Hammersmith, this figure dropped to just five per cent, This Is London reports.
This is in comparison to 2008 figures, when a third of young couples without children could afford to invest in a home.
It is believed the increasing cost of a deposit to secure a mortgage, teamed with rising house prices, is what is preventing many from buying a property - which may result in more people looking for flats to rent in the London borough of Islington or other expensive areas of the capital.
Kay Boycott, Shelter's director of policy and campaigns, said: "[These] shocking figures reinforce the true extent to which housing has become completely unaffordable for most ordinary people."
Figures recently released by the Land Registry revealed the cost of housing in London has risen sharply in the last year.
Written by Ben Carter
Published 11th March, 2010
© 2010 Estates IT Limited
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