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We agree that property in London has risen dramatically. When properties in West London were being sold for £400 in the 1920s, a return bus fare to Liverpool Street was 3.5p.
Today, those same properties are worth about £400,000, while a return cash Tube fare is £9.40. Transport fares have risen 26757% (give or take the odd percentage point), while property prices have jumped 99900%.
The reason for this is while transport provision has kept pace with demand, the supply of property in London far outstrips demand.
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I fear you my be giving the Mayor too much credit.
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