Lasting powers of attorney (LPAs) enable thousands of vulnerable people to have their financial and other affairs managed by others whom they trust. However, as a High Court case showed,...Continue reading
The number of homeowners in London is in decline, according to recent reports.
Figures show that nearly double the amount of Londoners between the ages of 25 and 34 are renting from a private landlord as those who own their property. Around 202,000 Londoners are home owners, whereas 380,000 are in private rented accommodation.
The worst hit areas of London include Camden and Hackney, where Census figures show that around 15% of households own their homes. Figures in wealthier areas, such as Chelsea and Kensington, are even lower at around 12%.
Experts blame the decline in home ownership on a continued rise in property prices. A report estimates that average mortgage deposits in London will increase drastically by 2020 to over £100,000. On average, first time buyers will need to spend approximately £489,000 to get onto the property ladder.
Other factors in the decline include an increase in wealthy cash buyers, whom are outbidding young Londoners in order to let out the properties. In these areas of London, the purchase of properties with the help of a mortgage is disappearing altogether.