Lewisham still among most affordable choices for Generation Y

Another Savills map of London, this one designed to show how much a member of Generation Y would need to get on the property ladder.

Obviously, this is all fairly frightening for most first-time buyers, but despite the fact that Lewisham has been playing catch-up with London's pricier boroughs, it is still among the most affordable parts of the capital, with £37,000 per annum just enough to get you a mortgage, assuming you have 20% deposit(!).

Despite this, Savills also shows that Lewisham has suffered a relatively sharp fall in home ownership among under 35s over the last decade or so. Presumably this is mostly because there were relatively few young buyers in many other parts of the capital already, so we had further to fall.

Savills comments:

This is not just a moment in time. The very strong house price growth in the first half of the noughties substantially altered access to home ownership and the shape of the housing market... The mortgage market review is going to continue to restrict access to home ownership and ensure a continuation of this trend... Accordingly, younger households will undoubtedly rent for longer and enter the housing market later in life, possibly when they can pool two incomes or for the lucky ones, take advantage of the housing equity built up by parents and grandparents. 

As a result, government policy needs to become less fixated on home ownership and look to substantially increase the supply of good quality rental accommodation.

Any Lewisham election candidate that does not have much to say about housing strategy is not worth voting for. #Lewisham2014