Survey reveals ‘silly’ Newham house prices
NEWHAM ranks as one of the most affordable places to live in London but house prices are still over nine times average salaries, according to a survey.
The borough ranked sixth in the capital in a review carried out by The National Housing Federation (NHF), which measured affordability by comparing house prices with incomes.
Belinda Porich, head of London region at NHF, said: “You need to be earning seriously silly money to buy a house in London and Newham is no exception.”
The survey found that average prices in the borough at �202,795 were over nine times average salaries of �21,949.
To qualify for a 90 per cent mortgage, at three-and-a-half times income, a home buyer would need a gross income of �52,147.
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The average house price amongst the cheapest 25 per cent of properties in Newham is �162,875, requiring an income of �41,882 to get a mortgage,
In pure price terms, Newham is the second cheapest borough in the capital, behind Barking & Dagenham at �167,053.
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Ms Porich said “The 2012 Olympics in London offer lots of exciting opportunities for the affordable housing sector.
“This can be one of the Games’ greatest legacies, providing homes for local people who want to stay in the neighbourhoods they grew up in.”