London affordability tackled

A new report has been published with the aim of tackling affordability in London.

It is good news for first time buyers (FTBs), many of whom simply cannot afford to get onto the property ladder in the capital.

London Councils has published the report, which suggests a number of measures, including raising the stamp duty threshold for FTBs in London.

Another prospect put forward is to introduce rent-free shared ownership housing for families on low incomes.

"It is our home, more than anything else, that defines and shapes our lives, and the security of a home is something each of us desires and deserves. But making that home here in London - whether buying or renting - has become increasingly difficult," said London Councils' executive member for housing Councillor Jamie Carswell.

"Building more homes will of course help address this, but we believe we need to go further. It is London Councils' conviction that homes for Londoners should be about aspiration, about opportunity and about security.

"These principles underpin our vision and we will be revealing more detailed proposals later this year," he continued.

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