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A rough ride for Londoners


While I can see the sentiment of Neil Morton (NCE 7 February), I do not understand his economics.

He is right in saying that those of us who own property in London have seen rises of 10% in the last year alone (the average price now being £202k). However, he fails to see that this is locked in capital.

Those who do not own property have seen rents increase and to get onto the property ladder requires an additional £20k.

In both cases, this would require an additional mortgage of, on average, £20k, which equates in payments to around the £1,150 per year Mr Morton wants us to spend on increased fares. We cannot spend it twice.

Alaistair Smith (M) London alaistairsmith@hotmail. com

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