London house prices 'could double in the next 15 years to £1m'

Oxford Economics says current forecasts for population and jobs growth are too cautious

The average cost of a home in London is on course to breach the 1m level by 2030 as house building struggles to keep pace with a rapidly rising population, a leading consultancy is predicting.

Oxford Economics warned that affordability problems in the capital would intensify even further if the expected increase in demand for housing coincided with a widening of the gap between rich and poor.