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House prices in London have
approximately
doubled in the past decade
London’s housing crisis and what it means for business
20%
Average rents have risen in the past five years by:
Housing affordability index
London could become a no-go zone for employees across all sectors and at almost all levels
In 2015 nearly
£1.2bnThe economy is missing out on almost
11,000more jobs would have been supported by business if the cost of housing in London was more managable
Source: ‘London housing - a crisis for businesses too’, Centre for Economics and Business Research for Fifty Thousand Homes
5%
But wages have only risen by:
a year as people spend money on housing costs that would otherwise have been spent on goods and services
Occupation Rent:SalarySales 141%Care workers 113%Skilled agricultural trades 83%Textiles, printing trades 83%Customer service 79%
1. Shanghai2. Hong Kong3. New York4. London5. Dubai6. Tokyo7. Paris8. Sao Paulo9. Sydney10. Frankfurt
London is the least afforadable city in Europe to live in
In 2015 London business will pay a housing-related wage premium of:
By 2020 this is forecast to rise to:
£5.4 bn
£6.1 bn
£2.7 bn higher
if London accomodation costs grew at the rate of inflation since 2005
Consumer spending would be:
Campaign Statement
London is one of the world’s leading cities, giving the UK a place on the global stage and acting as a gateway to investment across the country.
But the capital has a serious housing shortage that is starting to limit its competitiveness.
Substantial increases in house prices and rental costs mean people from all walks of life are struggling to find accommodation.
London’s success is built on attracting talent – both home-grown and from across the world. The business community is becoming increasingly concerned that a growing number of talented people across all levels of income are being forced away, or put off coming to the capital in the first place.
We need to build at least 50,000 homes a year to sustain a population that is growing by a million people a decade. New homes of all types are needed, particularly homes that most Londoners can afford. However, we are currently building at half that rate.
The business community welcomes the focus that candidates for the 2016 Mayoral elections have placed on increased housebuilding. But as London elects a new Mayor we need to hear more than aspirations.
We need determined political leadership, credible plans and, above all, strong action that will deliver at least 50,000 new homes a year by 2020.
Founding Partners
@50000homesWeb: fiftythousandhomes.london