First time buyers hit by soaring Tower Hamlets property prices
- Credit: Archant
The eye-watering sums needed for buyers to get on the property ladder have been revealed.
Average house prices in Tower Hamlets have exceeded £379,000 this year – a four per cent increase on figures for 2012.
The shocking hikes come as the government this week announced emergency measures to help first time buyers get on the property ladder.
Experts predicted that the scheme – which allows people to take out a mortgage of up to 95 per cent of the property’s value – could act as a “shot in the arm” for the housing market.
But demand in Tower Hamlets means house prices continue to soar, with first time buyers such as civil servant Nadia Sam-Daliri forced to look to outer London boroughs for affordable homes.
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She said: “I’m desperate to get on the housing ladder, but areas like Bethnal Green have become unaffordable.
“I can’t save for a deposit as most of my money is going on rent. I’ll have to travel further out of London to be able to buy a place of my own.”
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Semi-detached houses are now selling for an average of £648,000, and terrace houses are fetching more than half a million pounds on average.
Last week, Labour leader Ed Miliband announced plans to try to alleviate the housing crisis facing areas such as the East End by piling pressure on developers to “use or lose” land they have been given planning permission for.
And the clampdown on land banking, which prevents suitable sites being built on to address growing needs, was welcomed by London Assembly Member John Biggs.
“This is an innovative response to the land banking that is much to blame for our housing crisis,” he said.
“There’s a need for homes across all tenures, but especially for people on low to modest incomes.”