It is now near impossible to save up enough money for a deposit on a home in Camden, research has revealed.
House prices in the borough are escalating at such a speed that the amount needed for a deposit is increasing by more than can be saved in three years, figures have shown.
The research comes from the office of aspiring Labour candidate for Mayor of London Tessa Jowell.
She said: “London’s housing crisis has spun so far out of control it is becoming literally impossible to save for a deposit in Camden.
“We cannot go on like this – solving the housing crisis is the number one challenge facing this city – and will be my top priority if I’m elected Mayor.”
The research reveals that the average first-tme buyer is now further away from securing a deposit than they were last year, despite an extra year of saving.
And in Camden, the figures show that it would take a buyer 26 years to save up for an average deposit.
Ms Jowell said that without financial assistance, it is now impossible for buyers to get on the property ladder.
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