Nick Millican: London Prices Far Exceed What Most Can Qualify For
Nick Millican: London Prices Far Exceed What Most Can Qualify For
As Nick Millican states, it has been undeniably harder for the average worker to afford a proper home throughout each London borough. In fact, it is so bad that some sections of the capital are even twice as hard to afford within the housing industry.
This is because the price growth for housing has outstripped the average wage growth over the same period. The average worker is simply not able to keep up with the increased costs of some of their most basic needs. And Nick Millican is aware of it.
Just how bad is it? Well, the whole average east London district resident will need to have at least 11.8 times their yearly salary to purchase their own home. According to Nick Millican, this is a major jump from the 5.6 times that was required just a decade ago.
The only way around that would be to have such a substantial deposit that the average worker just wouldn’t be able to make it happen, Nick Millican comments. Even where some housing prices are starting to come down, they are still not yet in the range of affordability for most average workers.
This is partly due to higher interest rates. Another reasoning is that the typical cost of living is still rather high, thus making home ownership nothing more than a dream for some people. As you can imagine, the problem with a lack of affordable housing has really hit many people hard. Nick Millican has seen all of this firsthand and continues to work hard to help his clients through this difficult time.