Monday, July 15

Day: May 16, 2015

London house prices to double in 15 years – reaching £1 million
London

London house prices to double in 15 years – reaching £1 million

    The average price of property in London will hit £1 million by 2030, according to new research by Oxford Economics. Massive growth in the population from 8.5 million today to 11 million in 2036, coupled with a failure to buildenough houses, will mean property is pushed well beyond the reach of ordinary workers in the city. It warned that even factoring only modest wage growth in London - and assuming London prices keep pace with earnings rather than growing faster - average prices would still double in 15 years. It said: "If that happens alongside an increasing divergence between those with high and low incomes, then it will mean affordability problems for people on low incomes." Soaring prices London prices have been stagnating in recent months, and in some places hav...