Hackney housing price bubble
There are a few stories flying around at the moment about the housing price bubble being particularly prominent in Hackney. Reports are that the average house price in Hackney is £500k and tiny flats are selling for crazy prices, the knock of effect being that rents are increasing too.
Although I suspect some of this is a little exaggerated for the story, it is just extreme and is no good for anyone, those who can’t afford to rent or buy are being priced out and those who are moving in are paying over the odds.
I was fortunate enough to get on an affordable housing scheme in 2005, which meant that I could just about afford to buy a share in a flat. I have no interest in my flat now being worth more than I could afford to (or would want to) pay for it, I’d rather a realistic housing market, equality for residents and the opportunity to stay in the borough I’ve called home for 10 years when I want to move.
I don’t know what can be done about it, but I’m interested in understanding how we as Hackney citizens may be able to try and counteract what’s going on. Any thoughts?
Some more info: