London flats costing up to £1m outsell more affordable homes

8th January 2016

Housing industry research consultancy Molior London says developers in the capital sold more than twice as many two-bedroom apartments costing between £650,000 and £1m as cheaper homes priced at about £300,000 last year. Figures show that over 5,300 homes valued at between £1,000 and £1,499 per sq ft, while  2,000 properties were sold at values of less than £400 per sq ft. Shadow housing minister John Healey said: “For young people and families on ordinary incomes, these figures will make infuriating reading,” adding that “in many areas of the country, house prices have become completely detached from local incomes”.

The Guardian (02/01/2016)