3rd February 2016
An overwhelming majority (86%) of parents in London are concerned that the cost of housing means their children won’t be able to afford to live in the capital, new research by Shelter reveals today.
In a sign of the capital’s increasing unaffordability, the YouGov poll commissioned by the charity also found that nine in ten parents (89%) agree children growing up in London today will find it harder to afford their housing costs when they leave home then they did.
With the latest ONS House Price index revealing that house prices in the capital rose by a staggering £36,000 in the last year, it’s no surprise that the vast majority of parents think that increasing the supply of affordable homes needs to be top priority for the next Mayor of London.
Shelter is warning that, without a serious strategy to deliver the genuinely affordable homes London needs, an entire generation could end up completely priced out of their home city.
Campbell Robb, Shelter chief executive, says: “With rents and house prices in the capital spiraling out of control, it’s no wonder that the vast majority of parents fear their children won’t be able to afford to live in the area they grew up in.
“The capital’s drastic shortage of affordable homes is leaving millions of Londoners stuck in their childhood bedrooms, or in expensive and unstable private renting, with little hope of saving for a home to put down roots in.
“Parents are crying out for the new Mayor to give their children the chance of a home they can call their own. It doesn’t have to be this way – mayoral candidates must answer their calls, and commit to plans that can build homes Londoners on typical wages can actually afford to rent or buy.”
Christina and her husband have found themselves priced out of London, and now commute from a house share in Surrey:
“We have both said on various occasions that it is unlikely we will ever own our own home. When affording the rent alone is such a challenge, trying to save for a deposit whilst renting is almost impossible. It’s difficult to think of starting a family under these conditions.”