13.07.2015 Views

Housing Needs Assessment 2006 - Westminster City Council

Housing Needs Assessment 2006 - Westminster City Council

Housing Needs Assessment 2006 - Westminster City Council

SHOW MORE
SHOW LESS
  • No tags were found...

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

<strong>Westminster</strong> – <strong>Housing</strong> <strong>Needs</strong> <strong>Assessment</strong> <strong>2006</strong>Land Registry price changes 2000–2005 (4th quarters)£700,000£600,000£500,000England & WalesLondon<strong>Westminster</strong>Average price£400,000£300,000£200,000£100,000£02000 2001 2002 2003 2004 2005YearSource: HM Land Registry, property price data, <strong>2006</strong>A survey of local estate and letting agents identified estimates of the minimum costs of housing toboth buy and rent in the <strong>City</strong> of <strong>Westminster</strong>. It revealed that property prices in the North West areaof the <strong>City</strong> (W9 and W10) were notably lower than elsewhere. Overall, the survey suggested thatprices started at around £198,000 for a one bedroom flat with private rental costs starting fromaround £890 per month.Minimum property prices/rent in<strong>City</strong> of <strong>Westminster</strong>Property size Minimum priceMinimum rents(per month)1 bedroom £198,000 £8902 bedrooms £275,000 £1,2903 bedrooms £370,500 £1,7854 bedrooms £482,500 £2,617Source: Survey of Estate and Lettings Agents (<strong>2006</strong>)The information about minimum prices and rents was used along with financial informationcollected in the survey to make estimates of households’ ability to afford market housing (withoutthe need for subsidy).The survey estimated average gross annual household income (including non-housing benefits) tobe £45,587. There were, however, wide variations by tenure; with households living in social rentedhousing having particularly low income levels.PAGE 4

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!