The average London house price will reach nearly £650,000 by 2020, according to new research.
Many young Londoners will find themselves priced out of the city with house prices climbing by 40% and rents soaring by a third in just six years, the report from the National Housing Federation warned.
The cost of the average London home will rise from £452,400 this year to £647,500 by 2020 and £776,300 by 2023, while rents will rise from £1,854 a month to £2,700 in 2020.
Prices will rise most in the cheaper areas of London, with Waltham Forest expected to rise by an enormous 84% from £272,200 to £501,300 over 10 years, followed by an 82% increase in prices in Haringey from £433,200 to £787,700.
Lizzie Clifford, the National Housing Federation’s London chief said: “We need to address the housing crisis now, before another generation is left locked out and reliant on taxpayers to keep a roof over their head from one month to the next.”