13 August 2017
London’s housing market is grinding to a halt as only 87 homes were sold in Islington May of this year. Figures from Bloomberg and the Land Registry shows this is down from 139 in 2016 and 259 in 2015.
However, Islington house prices remain as unaffordable as before, having declined by less than 1% since last year. The median house price in Islington is currently £460,699. This is almost 12 times higher than London’s median household income of £39,100.
Green Party campaigner Benali Hamdache said “It is incredibly clear that London housing market is broken. Owning a home is a remote dream for most young people and even the reserve of very wealthy people buying in London is drying up. Action is needed and it starts with building more homes. “
“Islington council have failed to deliver new housing time and again. In 2015 the council missed it’s 4-year target of 2000 affordable homes by 219. In 2016 the council missed its target again, building 105 fewer homes than hoped. Islington Labour needs to explain why it cannot keep up with its own targets.”