Saving for a first home in Islington takes 19 years
- Credit: PA Archive/Press Association Images
Labour MP Tessa Jowell commissions shocking report
It would take an average person almost 20 years to save up and buy their first home in Islington, a new report claims.
The study, commissioned by Labour MP Tessa Jowell, is based on someone earning £35,000 a year saving and seven per cent of their income.
At that rate, it would take them 18.9 years to save £46,186, 10 per cent of the borough’s average house price of £461,860.
Ms Jowell said: “This is the hard truth about how London’s housing crisis denies the dream of owning your own home to young people in Islington.
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“We need to build one London not two where everyone has the chance to live in a decent home and first time buyers aren’t excluded from the housing market unless they have access to the bank of mum and dad.
“First things first - the next mayor has to build many more homes, plain and simple, but we also have to develop a serious plan to help thousands more Londoners get on the housing ladder.
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“A more equal London has to mean that it’s possible to buy your own home. We have to solve London’s housing crisis if we want our city to succeed, with a Labour government and mayor working together.”