Average London property price to hit £500,000

Anyone looking for somewhere to live in London would be forgiven for thinking that things are as bad as they can get. The average home in the capital costs a staggering £383,000, so unless you have an enormous deposit or a spectacularly well-paying job, the prospect of home ownership is a distant dream.

And the bad news is that things are set to get far, far worse. A leading think tank has said that the average property price will hit £500,000 by the end of the decade. But why, and is there any solution for wannabe-buyers?%VIRTUAL-SkimlinksPromo%