Source: Evening Standard —
With house prices expected to reach 12 times annual salaries, the capital is set to become one of the least affordable cities in the world.
London is set to become one of the least affordable cities in the world, along with Tokyo, Tel Aviv and Paris, according to a new report.
Economics forecaster Oxford Economics said that over the next 15 years London will become a global “megacity” with a population of 10 million people.
The report on London’s prospects, published today, warned that London is likely to fall into recession at some point this year. But it expects the impact to be less painful than elsewhere in the UK because of “relatively high levels of household wealth” plus less reliance on troubled industrial sectors.
