No affordable houses available in the Borough

Friday, 18th July 2014

With the London property market enjoying a seemingly endless boom, buying a home has become a distant fantasy for most working Londoners. This is particularly true in Kensington and Chelsea where house prices increased by 14% over just one year (2012-13) and average well over £1million (according towww.rightmove.com).

Now a damning new report shows just how far out of reach home-ownership is for most of us living (and most likely renting) in the capital.

The report, published by the charity Shelter, reveals 99.7% of London homes are unaffordable for first time buyers. Shelter looked at the asking prices of thousands of properties for sale in the capital, on a given day, and compared them to mortgages that are affordable to average first time buyers capable of saving the standard 18% deposit. They found that, across the whole of London, only 86 homeswere affordable to the typical buyer, or 0.3% of houses on the market. READ MORE FROM KC&W Today