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Eversheds comment: Urgent policy measures required to reduce gap between average UK wage and property prices

  • United Kingdom

    18-08-2014

    Commenting on the 2.9 per cent fall in property prices from July to August, Bruce Dear, head of London real estate at law firm Eversheds, says:

    “The laws of economic gravity are at last slowing the housing market down.

    “The problem is that the average price of a London house is still over 16 times the average UK salary. Urgent policy measures are required to reduce that gap. Otherwise no one who does an ordinary job will be able to live in London.

    “The only answer is for the government and local authorities to urgently build more houses, and not to expect the private sector alone to solve a public problem.”

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