Good luck first time buyers, it’s not getting easier
About 25% of London homes could be worth more than a million pounds in 2030.
While the capital might be unaffordable now, in less than 15 years the only route to home ownership will be inheritance, at least according to research by the London School of Economics and Santander.
Currently around 300,000 homes in London are worth more than £1m. This is set to treble by 2030.
“By 2030, the divide between housing ‘haves’ at the top and ‘have nots’ at the bottom will be even wider than it is now,” said Paul Cheshire, the LSE’s professor of economic geography and author of the Property Millionaires report.
“If the planning system is reformed, that would have a radical effect [on house prices] — but it is not in the forecasts,” he added.