Housing Crisis in London

Young home owners are a minority in London.

The average mortgage deposit for first-time buyers is now over £60,000 and according to a report from independent analyst Oxford Economics, property prices will continue to soar in the capital over the next seven years.

Recently published data from Greater London Authority reveal that almost twice as many Londoners in the 25 to 34 age group now rent from a private landlord than those who own a property, and the gap is rapidly rising.

This is the first time tenure has been broken down by age group. Paula Higgings, chief executive of Home owners Alliance, said:

“Buying in London is open only to those with wealthy relatives and people who win the Lottery.

“This is robbing a generation of any prospect into the housing ladder and it is incredibly unfair”.

Mortgage experts answer that there had also been an increase in the number of banks and building societies prepared to offer 90 per cent mortgages in recent months, but these are still only available to borrowers with spotless credit records.

It only helps those from a wealthy background.

While owner occupation in the capital has fallen to lowest level since the early Eighties, almost one in four all over the UK say they may be forced to leave their local area because the cost of housing is too high, an Ipsos MORI survey revealed. 

The proportion is twice as high among those living in London.

Don't call a cab, get the tube instead!

Tourists, clubbers and night workers will be able to get the tube back home until 2am.

The managing Director of London Underground (LU) Mike Brown, last week revealed plans to run extended services on Fridays and Saturdays to let people have more fun and boost the night economy.

Mr Brown said: “It will be a real benefit for London’s night-time economy, either for people working late or enjoying themselves. If you want to buy that extra meal, cup of coffee or pint of beer, why wouldn’t we want to encourage that?”.

Three lines will stay open until late from 2015 to make the city’s heart beat strongly: the Jubilee and the Victoria lines, that are the most modern and the Northern Line, the upgrade of which will terminate next year.

However, there are concerns regarding shifts’ negotiations and pay rise requests from the Union Bosses.

They also warned that the service could cut into vital maintenance time needed to keep the world’s oldest Underground system running.

Despite the success of the Olympics when the Tube ran at least one hour later every night and coped with record passenger numbers, in fact, LU was not built for a round-the-clock service.

According to Manuel Cortes, leader of the TSSA union, apart from maintenance works, there are other issues to be taken into considerations, like the health and safety of both staff and passengers.

Luckily, all the parts involved are willing to negotiate terms and conditions and make it happen.