Families being priced out of some London Boroughs
Published on Thu, 21st Dec 2017 15:27
An independent, London based, estate agent James Pendleton, has conducted an investigation on the success, or not, of a Government’s Help to Buy scheme.
The Help to Buy London scheme is an equity loan provided by the Government that covers up to 40% of the cost of a new build home worth up to £600,000.
However James Pendleton have found that there were no properties available for less than the £600,000 threshold in Camden, Hackney, Hammersmith & Fulham, Islington, Kensington and Chelsea, Lambeth, Tower Hamlets, or Westminster.
Lucy Pendleton, the Founder Director of James Pendleton, says: “We know that house prices are overinflated in parts of the capital, but this research really highlights the scale of London’s property crisis for families.
“This research shows that, for those among them who need a leg up, a quarter of the capital is off limits.”
She continues: “With houses making up such a small proportion of London’s new build property stock below the Help to Buy threshold, the reality is that families will be forced to stay in cramped and uncomfortable accommodation.
“This is a hammer blow for a key demographic who desperately need the room and outside space a house can provide, but have to fight tooth and nail to secure a property in the right area, if any are available at all.”
Pendleton concludes: “Mass extinction of Help To Buy houses has begun, exacerbated by the upper threshold which hasn’t moved in four years, and contagion across the rest of London is inevitable.”