00:00A glimmer of hope for young professionals trying to get a foot on the property ladder in London.
00:04Apartments are at their most affordable level in 12 years for your typical worker.
00:08While properties in the capital are still extremely expensive,
00:11taking that first step into home ownership is now a little less daunting.
00:15Apartment prices have fallen below nine times the annual earnings of the typical London worker,
00:20for the first time in 12 years.
00:22That means, in real terms, London flat prices are 22% cheaper than they were a decade ago.
00:27According to Bloomberg's analysis of land registry and official earnings data.
00:31A series of factors, from Brexit to tax hikes, have reined in a market once seen as extremely overvalued.
00:38For apartments, a clampdown on landlords and a post-pandemic preference for bigger houses have also hurt valuations.
00:44London's wider market has also diverged from the national picture in recent years.
00:49Home prices in the UK capital have slipped back 15% since 2015 when adjusting for inflation,
00:55compared with a 5% gain across the UK as a whole.
00:58And London's price premium over homes in other parts of England has shrunk to its lowest in 14 years,
01:04according to data from Hamptons.
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