It is really looking grim out there for residents of London and particularly Hackney where only 15.3% of residents can afford to own a home....
- Huge sum required for first time buyers
- £100,000 will be the average needed by 2020
- Grim prediction for would-be home owners
In some inner London boroughs property ownership with a mortgage is fast disappearing altogether as young workers are outbid by cash buyers looking to let out the properties. In Camden only 15.1 per cent of households now own the roof over their heads with a mortgage, according to latest Census figures, while in Hackney the total is just 15.3 per cent.
The figures are even lower in the wealthiest “bulls eye” boroughs of Kensington and Chelsea (12.8 per cent) and Westminster (12.9 per cent).