Property in London is some of the most expensive in the world, and the situation is only getting worse. A new forecast from agents Jackson-Stops has stated that it will soon be impossible to buy ANY home in London for less than £120,000. Only a tiny amount of cramped studios on the fringes of London are available for that price today. The forecast goes on to state a £150,000 home will be impossible to find by 2020.
Key Takeaways:
- The five-figure London home died out several years ago and those priced at less than £150,000 are expected to disappear from the market by 2020.
- The average home used to cost £72,778 in london, now it is £484,700.
- We can still restore affordable levels of housing costs, but it requires strong political leadership to build more homes and bring down rents.
““The entire profile of the market has been flipped on its head — a seismic shift that even a betting man would not have put his money on.””