East London property hunters, we apologise in advance for being the bearer of bad news.
But one of the capital’s mayoral candidates has declared it is “literally impossible” for buyers to save for a deposit in Tower Hamlets.
Labour nominee Tessa Jowell made her comments after she commissioned research, which shows it would take more than 15 years to stump up the initial cash needed to secure a home in the east London borough.
The average property there has a price tag of £380,000.
This is a stark contrast with statistics for neighbouring Greenwich, where houses cost on average £318,000, and Newham, where the figure falls further to £250,000.
Tessa said: “London’s housing crisis has spun so far out of control it is becoming literally impossible to save for a deposit in Tower Hamlets.
“We can’t go on like this – solving the housing crisis is the number one challenge facing this city and will be my top priority if I’m elected.”
The study showed house prices were soaring so quickly the money required for them was growing annually by more than could be saved in a year.
It said the average first-time buyer was further away from saving for a deposit than they were at this time last year, despite squirreling money away.
At the current rate of house price inflation, taking into account average wages, her office suggested Newham, Croydon and Havering were the only boroughs where buyers could realistically stash cash for the average 10% required.
Meanwhile, in some parts of London, first-time buyers would need to fill their piggy banks for 40 years before being able to make an offer on a home.