New research released by HouseSimple.com and analysed by the Daily Mail show that Tower Hamlets one of the most expensive places in London to buy a home.
In Tower Hamlets, there are no homes on the market for less than £250,000. In 8 other London boroughs you can’t get a property for under £191,812. The research comes at a time when housing is a big issue, rents are going up but wages isn’t.
In the Daily Mail article Alex Gosling, chief executive of HouseSimple.com, said: ‘These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property. How can they feasibly afford to buy when average property prices in the capital are more than £530,000?’
Tower Hamlets suffers from a shortage of housing with most new built homes are too expensive to rent to the average household, they are being bought by investors or they are too expensive for first time buyers.
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Source: Daily Mail