- Created: Wednesday, 26 September 2012 13:55
- Written by Barnaby Mitchel
In London average private sector rents are now £1,038 per month (46% above the UK average) and the average rental price of a three-bedroom home in London is over £20,000 per year. The average London house price is £388,000 (72% higher than the UK average). In the last ten years, house prices have increased by 94%, while wages have only risen by 29%.
In all but two of London's 33 boroughs at least 1 in 20 people are on council housing waiting lists, and across London as a whole more than 1 in 10 Londoners are on waiting lists. In Newham the crisis is most severe with nearly 1 in 4 residents on the council's housing waiting list.
Nationally there are just over 1.8 million households (4.5 million people) on waiting lists. London accounts for 354,000 and 886,000 of those respective figures. The government is cutting and capping benefits, while preventing significant minimum wage increases (just 1.8% in October and a freeze for workers aged under 21).