London's House Price Boom Means A Stratford Bedsit Costs More Than This Slice Of Paradise

Private Islands Online

London’s house prices are now so inflated it is cheaper to buy a luxury private island in the Caribbean than a bedsit in East London.

New research has shown the money needed to get on the housing ladder in the capital could also buy one of two-thirds of the world’s private islands.

‘The Island Review’, published by global property consultancy Knight Frank, shows that 65 per cent of private islands currently for sale cost less than £340,000, while the average London home for first-time buyers now costs more than £364,000.

This bedsit above a cafe is on the market for £290,000
This bedsit above a cafe is on the market for £290,000
RightMove

Labour’s London Mayoral candidate Sadiq Khan, who flagged up the research, said: “When my wife and I were young, we were able to work hard and save up to buy our own home.

“Buying a family home in London shouldn’t be a luxury – and it’s absurd that most of the world’s private islands now cost less than a London home.

“I’ll be the council estate boy who fixes the Tory housing crisis.

“I’ll build homes that are genuinely affordable for Londoners to rent and buy.”

Other islands which cost less than the average first time buyer home in London include:

Frypan Island a 6.5 acre island with a three-bed cottage in Ontario, Canada, available for £248,000
Frypan Island a 6.5 acre island with a three-bed cottage in Ontario, Canada, available for £248,000
privateislandsonline
Fairy Island, Wisconsin, U.S. £272K - 1 acre, two-bed cottage
Fairy Island, Wisconsin, U.S. £272K - 1 acre, two-bed cottage
Privateislandsonline.com
Pink Pearl Island: £340,000 for a 2.5 acre island with a main house, three cabanas, and a 'traditional fishermen's style shack' in Nicaragua
Pink Pearl Island: £340,000 for a 2.5 acre island with a main house, three cabanas, and a 'traditional fishermen's style shack' in Nicaragua
privateislandsonline.com

A ComRes poll published last week showed housing is the biggest concern of Londoners in the run up the mayoral election on May 5 – replacing 2012’s largest worry, crime.

More than half of Londoners - 56% - ranked housing in their top two or three challenges, with immigration second, 38%, and security against terrorism third, 26%.

Today, more than 50 business leaders wrote a letter to the Evening Standard warning the housing crisis could damage “whole sectors” of London’s economy.

The letter, signed by advertising chief Sir Martin Sorrell, Canary Wharf Group boss Sir George Iacobescu, architect Sir Terry Farrell and lastminute.com co-founder Baroness Lane-Fox, reads: “The housing crisis in London is a major problem for business.

“If not addressed, whole sectors, including our world-beating technology sector and creative industries, will struggle to recruit and retain staff and find themselves losing out to international competitors.”