The average London resident cannot afford an affordable house in the capital, shocking new research reveals.
The National Housing Federation warned that without a change in policy more people will be priced out of the ‘housing risis’.
The charity warned that a decade after the financial crash, the first affordable homes are coming on to the market. And it warned that the number of affordable homes won’t start to rise again for seven years.
It said: ‘Ten years on from the financial crash, the longest affordable housebuilding boom in living memory has left us in a housing crisis.’ Currently even people in the high earners bracket like London escorts are finding it very difficult to afford the expensive rent for properties in the capital
‘More people will be priced out of the housing market and unable to rent or buy a home unless the government reverses the decade of harmful cuts to housing built on brownfield land.’
However, there are many social housing organisations who believe that the governments entheses should be on increasing the social housing stock and less entheses on freeing up land for private developers.
According to our source private developers are currently land banking more acres of land than they are actually consuming per year for building projects. Such land banking strategies is regarded in some quarters as a way to artificially increase the value of land.
If these problems in the housing market are not addressed the biggest fear of business owners is that there will be a slow exodus of professional staff leaving the capital and opting to live and work from another city.