House prices in London to hit £1m by 2030
Rapid growth and strong investment is expected to drive up London's population much faster than official projections suggest, according to Oxford Economics.
The total number of people living in the capital is projected to rise to 11m by the middle of the next decade, from around 8.5m today.
Analysts said stronger population growth and higher employment combined with a shortage of housing would drive house prices above £1m by 2030, which is double the current average of £490,000, according to the Office for National Statistics (ONS).
"Even if higher interest rates, tighter credit and more cautious borrowing behaviour all mean that London house prices keep pace with earnings rather than racing ahead, average house prices in London are likely to breach the £1 million barrier before 2030", Analyst said
More details: http://goo.gl/zVeUsp
Rapid growth and strong investment is expected to drive up London's population much faster than official projections suggest, according to Oxford Economics.
The total number of people living in the capital is projected to rise to 11m by the middle of the next decade, from around 8.5m today.
Analysts said stronger population growth and higher employment combined with a shortage of housing would drive house prices above £1m by 2030, which is double the current average of £490,000, according to the Office for National Statistics (ONS).
"Even if higher interest rates, tighter credit and more cautious borrowing behaviour all mean that London house prices keep pace with earnings rather than racing ahead, average house prices in London are likely to breach the £1 million barrier before 2030", Analyst said
More details: http://goo.gl/zVeUsp
