Camden sees London's highest rise in house prices
PUBLISHED: 17:09 12 May 2016 | UPDATED: 17:25 12 May 2016
Sadiq Khan is facing a "serious challenge" as rising property prices across Camden and beyond lead to increased concerns over London's affordable housing crisis
House prices in Camden have risen 23.8 per cent in the past year, the steepest annual change across all London Boroughs.
A new report from Your Move now ranks Camden as the third most expensive borough for property.
Only Kensington and Chelsea, and the City of Westminster rank higher.
The average price for a house in Camden is now £1,073,841.
Across London as a whole average house prices have now crossed the £600,000 mark.
Adrian Gill, director of Your Move and Reeds Rains estate agents said:
“These kinds of huge hikes in home values in London mean that Sadiq Khan will now face a serious challenge to deliver his promise of increased affordable housing in the city.”
Speaking to the Guardian earlier in the week, the new mayor of London said: “The key thing for me is to tackle the housing crisis.”
House prices in London have doubled in the last seven years.
Peter Williams, chairman of Acadata commented: “The latest housing supply numbers suggest the market and the government are struggling to secure a sustained increase in output despite the many measures taken to encourage this.
“As a consequence, the government ambition to build one million new homes and to expand home ownership by two million may well not be met.”
The high prices of property mean that over 25 per cent of first time buyers across England and Wales require help from their parents or another relative to buy their first home, whilst others are locked out of the market entirely.
Mr Williams added: “We not only have a continued supply problem, but also a growing problem of access and opportunity, with no real solutions in sight.”