Others have said, but I'll add: this is accurate for London. Greater London is a large area, the actual inner city is totally unaffordable by anyone's definition.
Even GL is largely unaffordable. House prices defy gravity, and rents are going up, at a time when Govt. is cutting housing benefit severely (which should result in net lower demand) - most London boroughs have a large outflow of socially housed tenants of various forms.
The average London property price is $785k (USD). There are a number of boroughs in London where the average is double that. And, due to the way the Govt. is blowing up the mortgage market, owning is actually cheaper than renting (so long as you have the deposit... for now; next year, Govt. will give you that as well).
13% of the population may be in Greater London. Large numbers of them are moving out; current affordability is incredibly bad.
Even GL is largely unaffordable. House prices defy gravity, and rents are going up, at a time when Govt. is cutting housing benefit severely (which should result in net lower demand) - most London boroughs have a large outflow of socially housed tenants of various forms.
The average London property price is $785k (USD). There are a number of boroughs in London where the average is double that. And, due to the way the Govt. is blowing up the mortgage market, owning is actually cheaper than renting (so long as you have the deposit... for now; next year, Govt. will give you that as well).
13% of the population may be in Greater London. Large numbers of them are moving out; current affordability is incredibly bad.