Property prices in London to hit £1 million by 2030

According to Oxford Economics, the average London home will cost more than £1 million by 2030, as strong jobs growth and housing shortage continues to push up prices.

The total number of people living in the capital is projected to rise to 11 million in 5 years time, from around 8.5 million people today.

Last month the Guardian stated that first time buyers need to earn £77,000 a year to live in London, and it looks like that figure is only set to rise.