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The ‘hidden gem’ of London’s housing market has been revealed as the country’s ‘largest house price index’ shows that house prices are still far below their peak just two years ago.
The data also shows that despite the government’s plans to help homeowners with their mortgages, many are still unable to afford the cost of a property.
The House Price Index, published by house-price tracker housepriceindex.com, shows that the average home price in the capital has fallen from £150,000 in September 2016 to £127,500 today.
This is an improvement of just £1,000 on the year before, but the UK has now dropped from number one to number three on the index.
In contrast, in February 2017, London was ranked number three in the UK, with the average price in London rising from £152,000 to £153,000.
The UK average house price in September 2017 was £156,000, according to the survey.
However, it is not all good news for buyers as house prices in London remain far below the peak of their peak.
In the past year, prices have fallen by more than 30% on average, with London’s average house falling by an astonishing 21%.
This is despite the Government’s plans for a national housing strategy.
The Government has promised to provide £10 billion in loans to help people purchase homes and boost the supply of housing, while the Government also aims to lower rents by more then 50%.
However, while many people will benefit from the Government plans, others are still left out in the cold.
In some parts of London, the average house is priced at just £500 a week, while in other parts of the capital, the typical house is still around £2 million.
«House prices have risen over the last 12 months in London in spite of government schemes, and we’ve seen an increase in property-related rent increases of more than 20%,» said Sarah Lomax, chief executive of house-index.
As well as the average household being able to afford a home, many more people are living in rented accommodation, and there are many more new households joining the market than in the past. «
Many are now paying higher rents and the housing market is more expensive than it has ever been.»
As well as the average household being able to afford a home, many more people are living in rented accommodation, and there are many more new households joining the market than in the past.
While there has been an increase of around 10,000 new homes built in the last year, this number is likely to rise in coming years, especially if the Government continues its plans to support home ownership.
Meanwhile, the number of people in the country working outside of the home has increased by nearly 50% in the year to the end of September 2017.
The number of households with a single adult and a lone child living in the same home rose from 7.5% in 2017 to 8.1% in 2018.
The biggest increase came from England, with a jump of more then 200,000 households.
This figure was mainly driven by a rise in the number in Scotland and Wales, with an increase to 4.2% and 3.6% respectively.
However this rise in Scotland was driven by the introduction of the Scottish Government’s Renters Allowance (RA) scheme.
The RA scheme was introduced in September 2018, and is expected to be the largest increase in housing benefit since 2010.
While the government hopes to bring in another £2 billion of savings to help households make ends meet, many people have not benefited from the increase.
While London’s house prices have dropped, many remain underwater, and many are forced to borrow to get a home.
One in six households are in debt, with nearly two-thirds of people saying they cannot afford to live on their own.
In 2018, the median household income in the Capital was just £48,500, which is £16,000 less than the average in 2017.
However it is clear that some people in London are struggling.
In a survey of nearly 600 people conducted by Ipsos MORI in September, 57% of respondents said they were still unable or unwilling to afford to buy a home as their wages were not enough to pay for a deposit on a property they do not currently own.
Another woman said: «[I] want to buy the house, but I can’t afford it.»»
I feel that the Government is not doing enough to help us, but if they really wanted to help, they could help us.»
Another woman said: «[I] want to buy the house, but I can’t afford it.»