London FTBs face near impossible struggle
House prices have risen so fast that London-based first time buyers (FTBs) face an immensely difficult struggle to get on the property ladder.
That's according to the annual Roof Affordability Index, which found that the average property price in the British capital has risen by some 250 per cent over the past decade.
Average first time property prices have gone from £73,962 to £258,756, the Index found, with the average house price to income ratio more than doubling from 1.98 to 4.30.
Housing affordability was also scrutinised in the study by comparing mortgage costs against working household incomes - revealing massive growth in the gulf between what prospective homeowners can afford and the actual costs of housing.
It found that while the average Londoner's weekly salary has risen by 60 per cent over the past decade from £720 to £1,155, during that same period average monthly mortgage payments have gone up a dramatic 208 per cent from £436.60 to £1,343.10.
Published 17th April, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
House prices have risen so fast that London-based first time buyers (FTBs) face an immensely difficult struggle to get on the property ladder.