According to shelter survey, reveals that most of families are not investing in London property market. The difference between residence wage and expenditure of living is preventing them from cutback the share to purchase a home. The total household income, including tax, needs to be £52,000, to pay for the two bedroom rental flat. However, the reality is that most of the homebuyers take homes less than £35,000 in London. There are 70 per cent increase in private renting in the capital over the last two years, approaching rental costs due to demand. This increase in demand of private rental properties has helped blow up the price of rent in 2011 by 7 per cent, nearly double then the rate of rises of the London average remuneration.
Overall London has some of the highest costs of housing in North West part. North West6 London covers the Kilburn and West Hampstead area. These areas of NW6 are very rich in culture. The area belongs to the various communities of people. Residential colonies, complex are built in a pleasant condition.
The G15, housing associations in London are hopeful to relieve this load on families by providing around six in 10 of the new reasonable homes in London in excess of the next four years, which help to ease the demand on the confidential rental market.
A number of houses will be existing for mutual possession schemes, whereby 25 per cent to 75 per cent of the property is available to obtain at market value and a subsidize lease on the remaining share of the property until the property is bought complete.