It takes 46 years to save for London property

It takes 46 years to save for London property
22/03/2016 , by , in INTERNATIONAL

In order to accumulate enough for a 15% deposit a single person in London would need to save for 46 years, compared with 13 and half years across the whole of England and Wales, according to LBC.

The shocking research, published by estate agents Hamptons underlines the deepening housing crisis in London.

The research suggests that for a couple the waiting time would be significantly reduced, taking just eight years in London and three and a half years across the country.

Miles Shipside, housing market analyst at Rightmove said “More first-time buyers and would-be trader-uppers are finding themselves ill-equipped to cope with current house prices given the tighter lending criteria and average earnings lagging well behind house price growth.

“However, stronger growth in average earnings would not have helped the situation as it would simply have enabled buyers to bid prices up even higher, chasing the limited supply of suitable housing stock.”

Surging demand and a severely restricted supply of new houses in the capital, with the average price hitting £644,000, compared with £303,190 across England and Wales, according to Rightmove.

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