Even People In Their Early 20s Can Now Afford To Buy A House In London Thanks To Price Slump

New data from the Land Registry reveals London is experiencing a dramatic decline in housing price sales which means we might actually one day be able to afford a house in London (a cupboard in Zone 6, we mean).

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As someone who has more interaction with my overdraft than my own housemates, it's fair to say buying a real-life, adult house in London isn't going to be a reality anytime soon.

While my friends up north are saving up to buy family homes and apartments in Liverpool, Leeds and Manchester, I'm left spooning the remnants of my discounted Alpro yoghurt on the sofa most nights in my pyjamas, yelling at the stars of Made In Chelsea while they swan around their Kensington terrace houses.

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But, hey we're living in one of the greatest cities in the world, what's not to love?

One day being a 55-year-old renter using my hand as a spoon while eating out of the cereal box so I don't have to fork out on more dishwasher tablets, that's what!

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Oh, and for all those recent university graduates who have miraculously saved up £50,000 for a deposit in six months to buy a house in Zone 2, I have one thing to say to you:

However, it appears London's property market might soon be within touching distance, as housing prices are reportedly rising at their slowest rate for nearly five years, according to latest official figures.

Finally, that bathroom with the oval shaped mirror and monochrome floor tiles will soon be ours, my fellow young renters.

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According to data from the Land Registry, the average cost of a home in the capital rose just 3.7 per cent to £474,704 in the year to February, and actually dipped slightly in January.

If that's not enough, there are now four in-demand boroughs whose prices are in steady decline, year on year, which include Tower Hamlets (2.9 per cent) Brent (2.3 per cent), Islington (1.9 per cent) and Hammersmith & Fulham (0.2 per cent).

But, wait it gets better.

According to the Evening Standard, an analysis of the data suggests the slowdown has started in the most expensive central areas due to increases in stamp duty (that boring lump-sum tax presenters on Homes Under The Hammer love to ramble on about) and it's now spreading out to the suburbs.

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However, this isn't a reason to go celebrating 'Brexit' just yet.

Russell Quirk, founder and chief executive of online agents eMoov.co.uk, said: 'Although many have been quick to attribute a slowdown in the market to fears of Article 50 and buyer uncertainty, the latest data from the Land Registry would suggest a more natural adjustment is currently happening to the market.

'Prices across the board have generally continued an upward trend despite a slower start to the year than usual, but it is no coincidence that both London and the South East have seen some of the only falls in monthly property price growth,' he adds.

Sorry Zara but we'll have to 'consciously uncouple' for a while. I need to starting saving for my mansion next door to Jamie Laing.

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