Newly released data from the Office of National Statistics (ONS) shows that the cost of London properties now exceeds all income brackets.
So, what does this mean for London residents and what are councils doing to address the issue?
Buying property in London has always been a challenge, especially when compared to the rest of the UK.
Recent data, however, demonstrates that no income groups are now able to avoid it on salaries alone.
In other regions of England, house prices were stated as being “affordable” for the top income bracket, while in London this is now no longer the case.
For low-income households, this is also a cause for concern, with the ONS stating that the amount needed for low-income households in London to buy property when measured in years’ worth of income had doubled since around the early 2000s.
‘Years of income equivalent cost of an average-priced home for a 20th percentile household income, English regions, financial year ending (FYE) 1999 to 2023’ (Office for National Statistics)
Council-run affordable housing projects provide one way they can address this issue.
Hammersmith and Fulham claim they’re progressing in this issue – stating that 80% of the houses produced are supposed to be ‘genuinely affordable’. They say that they will be offered to local people first and that they will meet high energy standards.
The council hopes to build on this with a further 1,800 homes to be built by 2026, of which 65% are intended to be affordable.
Courtney McNamara from Sapphire Community Group, a charity that provides shared affordable housing for those at risk of homelessness, speaks of the importance of charities such as Sapphire, in light of current economic pressures.
“You might be able to rent a property or pay for your mortgage, but you can’t afford food to live or you can’t afford your clothes. That’s where we bridge the gap.
“One of our service users, who was on the council list for a really, really long time, got to the top of the list, and once they were able to get accommodation, to rent a property, it was so high that they had to say ‘I can’t even afford that.’”
While council-produced homes such as Aintree estate are providing much needed housing, charities such as Sapphire also exist to offer affordable housing alternatives.
Such support is needed now more than ever.
The external works on the Aintree project are now completed with the interior to be started at the beginning of January. The project currently is due to be completed by early 2026.
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HeadlineLondon homes unaffordable for everyone on their salaries alone
Short HeadlineAll Londoners now unable to afford homes on salaries alone
Standfirst New official data shows that the cost of London properties now exceeds all income brackets
Newly released data from the Office of National Statistics (ONS) shows that the cost of London properties now exceeds all income brackets.
So, what does this mean for London residents and what are councils doing to address the issue?
Buying property in London has always been a challenge, especially when compared to the rest of the UK.
Recent data, however, demonstrates that no income groups are now able to avoid it on salaries alone.
In other regions of England, house prices were stated as being “affordable” for the top income bracket, while in London this is now no longer the case.
For low-income households, this is also a cause for concern, with the ONS stating that the amount needed for low-income households in London to buy property when measured in years’ worth of income had doubled since around the early 2000s.
‘Years of income equivalent cost of an average-priced home for a 20th percentile household income, English regions, financial year ending (FYE) 1999 to 2023’ (Office for National Statistics)
Council-run affordable housing projects provide one way they can address this issue.
Hammersmith and Fulham claim they’re progressing in this issue – stating that 80% of the houses produced are supposed to be ‘genuinely affordable’. They say that they will be offered to local people first and that they will meet high energy standards.
The council hopes to build on this with a further 1,800 homes to be built by 2026, of which 65% are intended to be affordable.
Courtney McNamara from Sapphire Community Group, a charity that provides shared affordable housing for those at risk of homelessness, speaks of the importance of charities such as Sapphire, in light of current economic pressures.
“You might be able to rent a property or pay for your mortgage, but you can’t afford food to live or you can’t afford your clothes. That’s where we bridge the gap.
“One of our service users, who was on the council list for a really, really long time, got to the top of the list, and once they were able to get accommodation, to rent a property, it was so high that they had to say ‘I can’t even afford that.’”
While council-produced homes such as Aintree estate are providing much needed housing, charities such as Sapphire also exist to offer affordable housing alternatives.
Such support is needed now more than ever.
The external works on the Aintree project are now completed with the interior to be started at the beginning of January. The project currently is due to be completed by early 2026.
