Official figures reveal that the real estate prices have only begun to decline in London this year. The average cost of housing is £486,000 ($633,000), and this figure will only increase depending on the proximity to the city center, Bloomberg reports.
The British Institute for Fiscal Studies (IFS) reports that in accordance with the current depreciation, the deposit rate of 10% and the maximum mortgage is 4.5 times the average salary, therefore, only every third millennial can buy a house in London. The cost of standard housing is almost 14 times higher than the average wage of a Londoner who works full-time.
According to Aneisha Beveridge, an analyst at Hamptons International, the real estate prices have already reached the lowest limit in central London.