Sav­ing for a house de­posit ‘im­pos­si­ble’ in bor­ough

Harefield Gazette - - NEWS -

SAV­ING for a house de­posit in Hilling­don is now ‘im­pos­si­ble’, ac­cord­ing to new fig­ures.

It now takes more than 14 years to save for a de­posit in the bor­ough and the av­er­age per­son sav­ing for their first home is now fur­ther away from a de­posit than they were this time last year – in spite of a year of sav­ing.

House prices are rac­ing away at such a rate that the money re­quired for a de­posit is grow­ing an­nu­ally by more than can be saved in a year, more than a year more in Hilling­don.

The re­search comes from the of­fice of Tessa Jow­ell, who is run­ning to be Labour’s can­di­date for Mayor of Lon­don.

She said: “Lon­don’s hous­ing cri­sis has spun so far out of con­trol it is be­com­ing lit­er­ally im­pos­si­ble to save for a de­posit in Hilling­don.

“We can­not go on like this. Solv­ing the hous­ing cri­sis is the num­ber one chal­lenge fac­ing this city and will be my top pri­or­ity if I’m elected mayor.”

The me­dian house price in the bor­ough is £305,750 with me­dian earn­ings of £30,076, which means that it now takes 14 and a half years to save for a 10 per cent de­posit on a house. In the rest of Lon­don, the num­ber of years it takes for first-time buy­ers to save enough to put down a de­posit has gone up by more than one year in the last 12 months.

In other words, any money saved over the year would ef­fec­tively have been eaten up.

Ms Jow­ell added: “We have to start build­ing the homes we need, that’s why on my first day in City Hall I’d es­tab­lish Homes for Lon­don­ers to get Lon­don build­ing again, start­ing on the Mayor’s own land. And I’ll help first time buy­ers af­ford their first home with­out the need for enor­mous up­front de­posits by build­ing rent-to-buy homes, which will turn rental pay­ments into a con­tri­bu­tion to­wards a de­posit.

“Ev­ery Lon­doner should have a place to call home – that will be my goal as mayor.”

n MAY­ORAL CAN­DI­DATE: Tessa Jow­ell (right) says Lon­don’s hous­ing cri­sis has spun out of con­trol

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