Property prices have risen faster in the City of Westminster than any other borough over the last five years, with the exception of the Royal Borough of Kensington and Chelsea.
According to a new report, since 2011, property prices in the Westminster borough have risen in cash terms by £200 per day, while property prices in over half of London boroughs have increased by £100.
This means that average property prices have risen at a faster rate than average incomes.
For buyers who bought property in the City of Westminster or the Royal Borough of Kensington and Chelsea five or more years ago, their property is now worth a lot more. But for many of today’s potential buyers, the outlook is rather more bleak, with affordability continuing to be a key issue.
Rents in London have increased over the last five years, making it harder for tenants to save enough for a deposit on a property. With house prices rising faster than incomes, would-be buyers have more financial hurdles to overcome if they want to buy within central London.
Recent reports have showed that tenants are renting for longer, partly as a consequence of not being able to afford to buy.
It is also predicted that in ten years’ time there will be more people in London renting a property than there will be owning a property.
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