The government's Help to Buy scheme may have been credited with boosting the UK's building sector, but in a quarter of the capital's boroughs, there are no houses up for sale which qualify for it.
The scheme, which provides government cash or an equity loan for first-time buyers moving into new-build homes, covers properties worth less than £600,000 in the capital.
However, in eight of the capital's boroughs, there are no new build houses on sale which are worth less than £600,000.
While exclusive boroughs such as Kensington and Chelsea and Westminster are on the list, it also includes Hackney and Tower Hamlets, areas which were at the lower end of the capital's property market until just a few years ago.
Meanwhile, Barking, Lewisham and Southwark all had just three qualifying properties up for sale, while Greenwich and Wandsworth had four.
|Borough||No. of Houses for Sale under £600k|
|Kensington and Chelsea||0|
|Kingston upon Thames||35|
|Richmond upon Thames||57|
Across the capital, there were just 603 houses worth less than £600,000 up for sale, compared with 13,156 worth more. And houses, rather than flats, worth below £600,000 made up just 2.7 per cent of the total number of properties on offer.
“We know house prices are overinflated in parts of the capital, but this research really highlights the scale of London’s property crisis for families," said Lucy Pendleton, founder of estate agents James Pendleton, which undertook the research.
“This research shows that, for those among them who need a leg up, a quarter of the capital is off limits."
The £10bn extension will mean another 135,000 people can buy homes using the scheme, the Prime Minister said at the Conservative Party Conference in Manchester. The scheme now accounts for a third of transactions in the new build market, with Persimmon and Gleeson relying the most on it.