It’s true – and it’s pushing young people away from the communities they grew up in
London’s crazy property prices have made the headlines yet again and we can’t work out whether we’re even shocked anymore.
Barking, Dagenham, Brent and Sutton have all seen rocketing house prices recently – rising an almost unbelievable 20% on last year.
Price rises in the last three months compared to the same period last year:
- Barking 19%
- Dagenham 19%
- Sutton 18%
- Brent 17%
According to Nationwide, the UK’s second largest mortgage provider, house prices actually dipped overall by 0.2% in June, with year-on-year prices growing by 3.3% – compared with the year-on-year figure of 4.6% in May.
“This maintains the gradual downward trend that has been in evidence since mid-2014,” Nationwide’s chief economist Robert Gardner said.
Meanwhile, young people are being “exiled” from their communities, according to the Communities Secretary Greg Clark.
In a speech to council leaders, Clark will say today that it is a “defining test” for a government to provide homes to keep the “chain of community”.