31 May

Lack of affordable homes in London

Lack of affordable homes in London

There is a fundamental lack of affordable homes in London, according to new research.

Data from eMoov shows just 46 per cent of properties in the capital are now worth in excess of £550,000.

In Kensington and Chelsea six per cent of properties were sale at £550,000 or less, followed by Westminster with seven per cent and Hammersmith and Fulham plus Camden also at 14 per cent.

Some boroughs did offer more choice under the threshold, with Barking and Dagenham having 97 per cent and Bexley 91 per cent.

“It’s no surprise to anyone that the majority of London is unobtainable to many from a property point of view. However, this research highlights just how out of reach the capital actually is for UK home buyers, even for those with the sizable budget of £550,000,’ said eMoov chief executive officer Russell Quirk.

“When you consider that even with that sort of healthy budget, you would have to restrict your property search by removing more than half of the properties currently for sale in the capital, it really highlights how little £550,000 can get you in the London market,” he added.ADNFCR-1222-ID-801819536-ADNFCR

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