Urgent policy measures needed to reduce gap between wages and properties, says Eversheds

Bruce Dear, head of London real estate at Eversheds, has commented on the 2.9 per cent fall in property prices from July to August.

He said: ‘The laws of economic gravity are at last slowing the housing market down.

‘The problem is that the average price of a London house is still more than 16 times the average UK salary. Urgent policy measures are required to reduce that gap. Otherwise no one who does an ordinary job will be able to live in London.

‘The only answer is for the government and local authorities to urgently build more houses, and not to expect the private sector alone to solve a public problem.’