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Why Are London’s Property And Rental Prices So High? Hint: It’s Not Greed

One Hyde Park - Some oftThe most expensive flats in the world

One Hyde Park - Some of the most expensive flats in the world

After the weather, there are few things Londoners like to complain about more than the high cost of either buying or renting a place to live. To say London is an expensive place to live is to state the obvious. However, one or two examples will serve to show just how bad the situation has become.

According to the BBC housing calculator the average price of a house now stands at a staggering £402,000 in Greater London. This is around 2.5 times more than the average for Scotland and well over £100,000 more than the next closest region (unsurprisingly the South East). These prices make buying a home in London extremely difficult – if not impossible – for families on modest or even not-so-modest incomes.

Examining the situation from a global perspective doesn't make the situation look any better. According to Global Property Guide, London is second only to Monaco in terms of the cost of buying or renting a place to live. While other studies don't place London quite so high on the list, no one claims that London is cheap.

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