Somethings gotta give....
London house prices jump by £50,000 in a month
Rise of more than 10% is a sign of unsustainable boom, says property website critical of Osborne's Help to Buy scheme
Simon Goodley
The Guardian, Monday 21 October 2013
London's booming housing market is rising at an unsustainable rate, the UK's largest property website warned on Monday, with the average asking price of a home in the capital surging by more than £50,000 last month.
Such is the acceleration in the capital's property market, according to Rightmove, that many buyers will need help from deep-pocketed parents despite the expansion of George Osborne's Help to Buy scheme.
Rightmove said the average asking price in London rose to £544,232 in October from £493,748 the previous month – an increase of more than 10%. Across England and Wales, the rise over the month was a more modest 2.8% to £252,418.
Describing the London increases as unsustainable, Rightmove said Help to Buy would mainly benefit buyers in the rest of England and Wales because many Londoners would not be able to afford mortgage repayments on a house costing double the national average.
http://www.theguardian.com/money/2013/oct/21/london-house-price-50000-month