It’s not getting any easier to get a foot on the London property ladder on the open market, with recent figures revealing that an average young Londoner needs a 266% pay rise to buy a home. This Home Truths report from the National Housing Federation also highlighted that the average London home now costs £526,000 – which is an astounding 16 times the typical Londoner’s salary of £33,000 a year.
Even in the most affordable boroughs, homes still cost 11 times that average income figure. With all this in mind, it’s understandable that the pressure is on the government now to alleviate the problem where they can – ramping up supply in the aim of lowering prices. Housing associations built 40,000 new homes in London over Boris Johnson’s time as Mayor, including a large number of Shared Ownership homes, but plans are looking to go large with the arrival of the new Mayor for London.
“Both Sadiq Khan and Zac Goldsmith have correctly identified housing as one of the biggest challenges facing London. We’re here to say that we know how to help. If the next mayor works with us to tackle the housing crisis at a London level, as we are working with the government to tackle it at a national level, we can go a long way towards solving the housing crisis,” says David Orr, chief executive of the National Housing Federation.
“A secure and affordable home should be available to everyone. Living in London doesn’t have to mean living in overpriced accommodation; the housing crisis is not inevitable. Housing associations know how to tackle the crisis and provide quality homes that suit all Londoners.”
Among these quality homes are Origin’s Shared Ownership schemes, which continue to expand across London. Click to find out more about our houses for sale in Barnet on shared ownership.