According to recent stats, housing affordability is Londoners’ top concern. This is considered more important than other pressing issues faced by the capital’s residents, including transport, crime and immigration, a new report reveals.
The findings emerged in a poll amongst 1,000 UK adults living in London’s boroughs, conducted by Ipsos Mori on behalf of London Councils. Slightly more than a quarter (27%) pointed to affordability of housing as their most important issue. In addition, 82% of the sample believed that there is a “housing crisis in London,” with 64% of them agreeing strongly with this statement.
Nearly half of Londoners consider that the main factor hampering housing affordability in the capital is the high value. Some 39% believe that it is affected by London’s continuously soaring population and the increasing immigration levels, while 37% put it down to the shortage of housing supply and investment.
Other concerns cited by Londoners were transport/public transport and crime, mentioned by a respective 23% and 14% of those polled. One in ten cited immigration as the issue that bothered them the most.
London’s housing hurdles were further highlighted in a report from property consultants CBRE. They warn that the capital’s housing crisis would most likely spread to the suburbs in the coming ten years due to the substantial lack of new residential units in outer boroughs. Just seven of London’s boroughs have enough homes in the pipeline considered sufficient to address the expected surge in population, the experts argue.
According to CBRE, Richmond is the borough with the highest projected gap of new homes, at 5%. Next comes Merton with 6%, followed by Kingston with 8%, Redbridge with 9% and Enfield with 11%.
Whether you are based in the capital or not, what are your top concerns when it comes to the property market?