P. 1
Affordable capital? Housing in London

Affordable capital? Housing in London

|Views: 17|Likes:
Published by IPPR
London is an expensive place to have a home. It faces unique challenges that combine to produce an increasingly unaffordable market for would-be owners and tenants alike. In particular, the government's welfare reforms will have a significant impact on the ability of London's citizens to buy or rent a decent home.
London is an expensive place to have a home. It faces unique challenges that combine to produce an increasingly unaffordable market for would-be owners and tenants alike. In particular, the government's welfare reforms will have a significant impact on the ability of London's citizens to buy or rent a decent home.

More info:

Published by: IPPR on Sep 24, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

09/24/2012

pdf

text

original

London’s uniqueness matters for two important reasons. First, London’s scale and specifc
economic conditions mean that national housing policies frequently do not ft with the
reality of housing in London and have a distorted impact on those who live in the city.
Second, London’s size and specifcally its distinct governance structures mean that we
can look for different solutions to London’s housing problems. The mayoralty and its
strategic role in relation to London’s 32 boroughs means that we can explore bespoke
solutions for London, which would be unthinkable or unworkable elsewhere in the UK.

IPPR | Affordable capital? Housing in London

14

Having established that London is unique, we now probe deeper into one of the most
important aspects of housing in London: its lack of affordability. As we established in
chapter 1, London is the most expensive region to live in the UK, regardless of whether
one wishes to buy or rent a home. As the Organisation for Economic Co-operation
and Development (OECD) concludes: ‘The price-to-income and price-to-rent ratios are
currently around 40 per cent above their long-term averages, suggesting over-valuation’
(OECD 2011). This chapter explores in detail the cost and affordability of home-buying in
London.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->