House prices have risen by almost £500,000 in 25 years

BY RYAN HOGG
toby@slpmedia.co.uk

The cost of buying a home in South London has risen by more than half a million pounds over the last 25 years, new research has shown.

Property prices have soared by almost as much in Southwark and Wandsworth PricedOut’s data tool shows how much the costs of buying a home have increased in that quarter of a century since 1996.

The rises include the price of the home as well as rent while saving for a deposit.

In Lambeth, an average couple would need to save for an additional 32 years to afford a 15 per cent deposit on
the average home, during which time they would pay more than £600,000 in rent.

Buying a detached property in the borough would involve costs that are £2.1million higher than 25 years ago.

The data show that costs for buying a house in Kensington and Chelsea have increased by more than £1.8million since 1996, with house prices £980,000 more and rent £850,000 higher, while Westminster home-buying costs have increased by £1.5million.

Adam Kessler, a volunteer at PricedOut, created the tool and said: “There isn’t the level of urgency and anger in our generation that the problem merits.

“It’s  something  where  there  isn’t political momentum to take it on, so it was important to present the problem in a way that’s very real to people.”

Emphasising the need to improve the supply of affordable homes, Mr Kessler offered a stark warning that future generations risk being priced out completely if price rises continue to outpace incomes.

He said: “The Government needs to focus on supply side issues like inflation targets and better rewards for developing properties.

“Otherwise, what will it be like for our children if house prices keep increasing at 13 per cent per year?

In his manifesto, London Mayor Sadiq Khan pledged to increase the supply of affordable homes in London, while Lambeth council, the borough with the biggest rise in South London, recently announced plans to do the same in the borough.