SIXTY YEARS for the average Londoner to afford a flat in Bromley, figures reveal
PUBLISHED: 09:58 03 November 2016 | UPDATED: 09:58 03 November 2016
A lack of affordable housing is leading to homelessness, charity claims
A Londoner on the average salary would have to save for more than 60 years to afford a flat in Bromley, according to a new study that lays bare the extent of the capital’s housing crisis.
With a Londoner’s net annual salary at £26,505, it would require 61 years saving ten per cent of earnings for them to be able to afford the deposit on an average flat in Bromley - an eye-watering £160,493.
And with prices so high, more and more working age people are becoming homeless, according to Bromley charity LATCH (Living Amicably Together in Caring Homes).
Project manager Nana-Ama Martey said: “In the last two years we have noticed an increasing number of those aged 25 and over suffering with homelessness. A large number is due to an inability to afford the rent.
“The rent increases, they are unable to pay and they get evicted.
“Last month we had 149 enquiries and just over 40 per cent were outside our age bracket [18 to 25]. We had a bus driver come in who was earning a decent wage who couldn’t afford the rent.”
She added that such people are often moved to lower-rent accommodation outside the borough - but this is far from an ideal solution.
“Moving outside the borough helps but most are working, so asking them to come back in defers the problem because all their income would go to transportation.”
Although the problem in Bromley is acute, the study, which was carried out by Property Partner, reveals the borough is in fact one of the capital’s more affordable areas.
In Kensington and Chelsea, it would take a Londoner saving ten per cent of the average salary 389 years to put down a deposit on a flat.
“The solution would be to build more housing,” Ms Martey said. “Whether or not that is going to be achieved in the foreseeable future we are not sure. I cannot see it happening.”
Chief executive and founder of Property Partner Dan Gandesha said more need to be done to boost the build-to-rent sector.
He commented: “Build-to-rent is one of many ideas to help solve the UK’s housing crisis, and the quicker we can provide good quality, professionally managed homes, for both the public and private lettings sector, the better.”