The
average price of a house in London is set to treble to almost £600,000 by 2020,
according to research published today.
The
Centre for Economics and Business Research (CEBR) predicted the sharp increase
and claimed that the average cost of a UK home will be £300,000.
The
news will come as a blow to London’s public sector staff, as nurses, police
officers and civil servants are already struggling to find affordable housing.
The
CEBR attributed the dramatic price rise to population growth and a shortfall in
the number of new homes being built.
Prices
across Britain are expected to rise by 6.24 per cent a year, but London is the
worst hit with an average gain of 6.76 per cent. This would see prices leap
from £183,262 to £595,164.
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