A London developer plans to build the tallest residential tower in the U.K. on a site in the city’s Canary Wharf area.
UK property prices are rising faster than at any time since 2010 according to a new survey - but why?
Young people trapped by high property prices face saving up to 30 years before they can afford a deposit, charity Shelter said today.
Housing benefit will no longer cover the housing costs of private renting, workless families with 3 or more children anywhere in London.
For low-income single adults without children, a third of London's boroughs (34%) are unaffordable under the welfare reforms.
Demand for the cheapest properties means that even 13 of London's 19 outer boroughs are unaffordable for families reliant on housing benefit.
The main findings of the report looking at the circumstances of the 2.1 million people who are living in poverty in London are:
- 58% of those in poverty live in Outer London (10 years ago it was 50%)
- For the first time there are more private renters in poverty than social renters
- 43% (830,000) of people in the private rented sector live in poverty, more than any other tenure (this figure has doubled in the last 10 years)
- Almost 1 in 5 working Londoners (17%) were paid below the London Living Wage (£8.30) in 2012. This is an increase of more than 40% over 5 years and means 600,000 people are in low-paid jobs
- The majority (57%) of working-age adults and children in poverty are now in families that work
Housing costs are not just a problem for those in the centre of London without a job: 50% of housing benefit claimants live in outer London and 40% are in work.
A quarter of all households in London rely on housing benefit to meet their housing costs, compared to a fifth in England as a whole.
High housing costs mean that benefit cuts will be much deeper in the capital. Rents here are as much as twice the England average: £950 in outer London and £1,300 in inner London.
Young adults are among the largest group affected. London attracts increasing numbers of young people seeking opportunities but unemployment among 16 to 24 year olds in the capital has risen from 15-25% in the last 10 years.
The fourth edition of London's Poverty Profile shows that 28% of people in London are in poverty. This is seven percentage points higher than the rest of England and of the 20 English local authorities with the highest levels of child poverty, seven are in London.
The unemployment rate in London at 7% is still higher than the England average, while in the 'Olympic boroughs' of Barking & Dagenham and Newham it is 10%, higher than any of the major English cities.
Boris Johnson will be able to press ahead with changes to affordable housing even though the London Assembly voted by a majority to reject the plan. The motion did not achieve the two thirds majority needed to make the the mayor think again. The full results were:
- 9 votes against the motion to reject the Mayor’s London Plan
- 12 votes for the motion to reject the Mayor’s proposals
- In Barking and Dagenham rents have gone up 230% in 6 years
- In Tower Hamlets tenants have faced a 150% rise
- Newham rents have gone up by 115%
Source: Strutt and Parker
The London Assembly is due to vote this afternoon over the Mayor's plans for affordable housing. Members are currently debating how much landlords can charge tenants across the capital.
The changes would mean that rent on new affordable housing is fixed at 80% of the market rate. Critics say that would make some new properties for people on low and modest incomes unaffordable.
A leading charity has made an urgent demand for more shared ownership housing to combat London's rising house prices.
Shelter says 98% of families are priced out of a family-sized home in London.
Kay Boycott told ITV London that middle-income families in the capital are unable to raise money for deposits.
A new report suggesting that London families are being 'priced out' of home ownership has "failed" to take into account the billions of pounds the government is investing to getting Britain building, housing minister Mark Prisk said today.
Mr Prisk added: "Shelter's report fails to take into account the billions of pounds we're investing to getting Britain building, leading to the fastest rate of affordable house building for two decades, on top of the 19,000 shared ownership homes we've delivered over the past two years.
"Additionally we are tackling the record deficit to help keep interest rates low and ensuring that affordability for first-time buyers is at its most favourable level since 2003.
"As a result, the number of first time buyers is at its highest level for six years."
Housing charity Shelter is calling for a major new house building programme specifically shared ownership homes after a report by the charity found that 98% of London families were being 'priced out' of home ownership.
Kay Boycott, director of campaigns and policy at Shelter, said:
We need to see a new generation of shared ownership for ordinary families in London who are locked out of social housing and priced out of home ownership.
The reality is that soaring house prices mean that the traditional market is no longer working for ordinary people.
Building the new shared ownership homes we desperately need is the only way to give thousands of families a stake in the stable home they want at a price they can afford.