That’s how bonkers house prices have become in London. An average deposit of nearly £370,000 is around ten years of an average salary, and probably at least six times an average London salary. The Capital’s house price inflation hasn’t happened overnight, of course, and the gap between prices there and elsewhere, particularly in the land of the Red or Blue Wall, has been widening for many years. And we could still blame those now-departed Russians for bringing over their £ms and pushing things up at the top end, which of course drags up prices at every level of property below. Renting is the far more the norm if you live in London, and that , too makes even ordinary properties an investment rather than somewhere to live if you’re buying. The bigger problem with buying, however, is the income needed to get the mortgage to buy the rest of the property. And that’s another story in itself.
“Cash ISA allowance could be cut this month”
Our mantra has long been ’straightforward advice that you can understand’. That can mean trying to simplify the many complex products and options with which the world of finance tries to befuddle its target audience.
