Londoners driven out by housing costs

6 March 2012

Man with daughter

Almost a third (30%) of Londoners say they expect to be driven out of the capital by the high cost of housing.

Shelter’s figures, published today, also show that the two thirds (65%) of Londoners who don’t own their own home don’t think that they will ever be able to afford to buy in their area of London.

Shelter's findings coincide with the launch of its new campaign, Homes for London, demanding that the next Mayor of London gives housing the same leadership and profile given to transport through TfL.

With a chronic shortage of homes driving up prices, a typical deposit for a London home is now almost £85,000, with the median wage just £24,500. Average rents in London are already more than double the national average, at over £1,300 per month for a two bedroom property.

From May 2012, the next Mayor will have new powers over the future of London’s housing, including control over the housing budget and public land.

Shelter is warning that unless the next Mayor uses the full extent of these new powers to fix London’s housing crisis, growing numbers of people will be left with no choice but to abandon the capital.

Shelter’s Chief Executive, Campbell Robb, said: ‘Decades of failure to build enough affordable housing has left huge swathes of Londoners locked out of home ownership, pushed into a revolving door of private let after private let.

‘Unless something is done to fix London’s housing, we’re going to see a growing exodus of people, many of them families, who have simply given up hope of ever finding a stable and affordable place to live in the capital.

‘We need the next Mayor to give London’s housing the same leadership and profile that we see for transport. This means bringing together a complex web of budgets and departments into a simple, public-focused agency that can drive the change we need.

‘We want Londoners to join our campaign and challenge the Mayoral candidates on how they plan to use the new powers over housing to ensure that all Londoners have decent, affordable homes.’

Join the campaign for Homes for London