London property price highlights for May 2016!

publication date: May 6, 2016
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

London property price highlights for May 2016!

With the Mayor’s election upon us, the big pledges this year are around housing and affordability – shame it’s taken so long for this to become the number one issue at election time!

And with the latest London data showing that, despite the fact London is supposed to be stalling, more properties are definitely coming onto the market and prices are still on the up in every single London borough.

Summary:

  • 12 boroughs growing from 14-20% year on year, outstripping London’s average price growth
  • 12 boroughs rising from 10-14% year on year, outstripping the normal 5-7% annual price increases
  • 8 boroughs rising from 4-9% year on year, just under or about on track with long term average rises

Which one of these brackets does your London borough fit into? Download my latest report

Can a new mayor solve a 30-year-old affordability crisis?
Unfortunately most experts don’t think that they can. Currently the most Boris has managed is just under 30,000 new homes in 2014/15, so the idea of either party being able to ramp up to building the 50-80,000 they are promising will require game changing on a level never seen before! Even if they could, it’s highly unlikely we even have the skilled labour to bring this many homes to life.

Whoever wins the Mayor’s elections, here’s a reminder of their promises:-

What options are available to ease affordability issues?
There are ways onto the ladder, but it’s difficult to achieve and sometimes not desirable or even practical:

  1. Move to areas such as Reading and Peterborough and commute into London
  2. Consider shared ownership options
  3. There is an option of ‘Help to Buy’ for Londoners only
  4. Renting or buying with friends
  5. Renting a room

Wow – new shared ownership available for just £71,000!

'Ordnance Place'

Price: £71.250 Shared Ownership
Deposit: £3,500 (If 5% required)
Location: Shooters Hill

Read: Buying a Shared Ownership Property

A new shared ownership development has just come onto the market in Shooters Hill, allowing buyers to get onto the ladder for just over £70k - pretty remarkable for London. The collection of 10 one and two-bedroomed shared ownership apartments are in Shooters Hill, minutes from Woolwich Common. Prices start at £71,250 for a 25% share of a £285,000 one-bedroomed home.

Date Available: You can register your interest now

Find out more here

Is it still possible to live in London for less than £200,000?
Yes it is, but it won’t be easy as there are just not that many properties for sale or rent, let alone at this price. However, I found some in areas you can buy including:

Plumstead, Hendon, Woolwich, Edmonton, Forest Gate, Leytonstone, East Ham, New Eltham, Catford.

Can you rent in London for £1,000 or less a month?
It is possible to rent for less than £1,000 a month in:

Norwood, Camden, Wimbledon, Mile End, Walthamstow, Queens Park, Raynes Park, Croydon, Deptford, Streatham, Barons Court.

Read: How to Rent a Property

How much does it cost in your London borough? Download my latest report


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Which? Property books and one of the UK's top property experts.
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