I live and work locally in Brentford, and have done for just over 2 years. When I moved here I had very little knowledge of the area, and couldn’t believe the house prices when I looked them up. It’s certainly an up and coming area, but the way things are going, hard-working young professionals are completely priced out. At 30 years old I’m earning around £30k a year, which is supposedly what the average wage in London now is. In London However the average house price is over £500,000. If I walked into any bank wanting a mortgage for a property in the area, I’d probably be laughed out the door. As I’m sure you’ll be aware, there’s vast amounts of new housing (Flats in particular) springing up, as part of the regeneration. The new flats around Brentford Lock are particularly nice, however at over £400,000, completely unaffordable.
The new flats as we discussed that will be placed at the Morrison’s site are predominantly rental, is that correct? It will be very interesting to see what they deem as affordable however. It goes beyond developers, what are our locally elected officials doing about this? Where’s the affordably housing that every new government promises? How are local people in the area meant to afford these new flats? We’re facing a generation crisis, that will never be able to afford their own home. This will leave people of all ages trapped in rental properties, of which Savills for example are predicting a 24% rise in monthly rental costs by 2021. This would see my rent jump from £600, to £747 a month. I doubt very much wages will rise as steeply however. It will basically mean I’m forced to move far out of London, away from friends and family to have a chance of buying a property.