By 2030, every fourth property in London will cost more than £1 million

The number of homes in the UK, which costs more than £1 million arranged by 2030, every fourth object property in London will cost over £1 million.

Santander Bank conducted its own study, according to which is now less than 1% of housing in the North East of England, Yorkshire and the Humber, North West , Scotland and the East falls into the price range more expensive than £1 million

In addition, the average cost of property in the UK will double by 2030, reaching £0.5 million and in London which is 16.5 times the average income.

In the study, which Santander, the Bank conducted jointly with the economist, London school of Economics Professor of geography and Economique Paul Cheshire says that to date less than half a million homes valued at £1 million and more, but by 2030, only two areas of London more than 70% of the housing will cost more than £1 million, highlighting the gap between expensive and poor areas.

Average price of property in the UK, the price of which is now £283565, is expected to increase in price by 23% by 2020 to £349300, and fifteen years later, in 2030, will double in value, reaching a value of £557444.

At the same time, people’s incomes will significantly lag behind the growth in property prices and in the end the availability of residential property will decrease.

Now the average price of housing is 7.9 the average earnings of the British, it is expected that fifteen years later, in 2030, it will be a 9.7 average earnings. In London this increase will be much greater – with an 11.5 average earnings are now up to 16.5 in 2030.

Thus, by 2030, the inflation of housing prices will lead to even greater gap between homeowners and those who want to be them, making the purchase even more inaccessible. Therefore, those who are going to embark on a journey of buying property, you should not delay it indefinitely, and to try to resolve this issue as early as possible.

® Maxim Savitsky G. 10.02.2016

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