Priced Out? The affordability crisis in London
Article
Building more homes, particularly affordable homes, will be crucial to tackling the affordability crisis that the capital faces. Yet the evidence shows that housing delivery is falling well short of estimated need – and the provision of affordable housing even more so. Despite a range of products on offer in the capital, the level of intermediate housing to rent and buy to support those on low to middle incomes is extremely modest. Moreover, our analysis reveals that many sub-market home ownership products on offer in the capital are in fact unaffordable and some fail to meet the aim of many households to achieve full home ownership.
The new Mayor of London, Sadiq Khan, has made a promising start, committing to a long-term strategic aim for 50 per cent of new homes to be affordable, introducing lower benchmark rents for the London Affordable Rent product, and introducing a new intermediate product in the form of the new London Living Rent. However, there’s more that can be done at all levels.
Related items
Who gets a good deal? Revealing public attitudes to transport in Great Britain
Transport isn’t working. That’s the message from the British public. This is especially true if you’re on a low income, disabled or living in the countryside. The cost of living crisis has exposed the shortcomings of our transport system,…Transformed by AI: How generative artificial intelligence could affect work in the UK – and how to manage it
Technological change is a good thing. It has brought exponential gains to living standards and is the foundation of modern society. Yet unmanaged technological change has always come with risks and disruptions.Celebrating 20 years of IPPR North
For two decades IPPR North has been at the centre of the debate about how to rebalance England's regions. Here we take stock of how far we have come and the role we have played in shaping the "levelling up" debate.