Incomers pricing locals out of poorer boroughs

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A survey today shows sky-high prices in central London have forced buyers to look at areas such as Newham and Hackney, where local incomes are low.

This "gentrification" has made property unaffordable for many locals.

The biggest decline in affordability over the past decade has been in the deprived east London boroughs of Newham, Waltham Forest and Hackney, according to the survey by website propertyfinder.com.

It found that affordability - average property prices as a multiple of average salaries - has declined in all boroughs but the impact has been smallest in Bromley and Richmond, where incomes have also risen strongly.

The one major exception to the trend is Tower Hamlets, which has seen a relatively small deterioration in affordability, possibly because average local salaries have been boosted by Canary Wharf bankers living in Docklands.

Nicholas Leeming of propertyfinder.com, said: "The success of the City in particular has had a direct impact on affordability in previously cheaper boroughs. Poorer incumbent residents in lower-income boroughs are being priced out of the housing market by incomers."

Across London, the average property cost £320,847 last year, 8.25 times the average salary. This compares with £102,516, or 3.98 times average income, a decade previously.
In Newham affordability has worsened threefold.