78,000 children are living in temporary accomodation
A recent but little-noticed interim report by the London Housing Commission, published by the IPPR, offers a fresh reminder of the dire state of housing in London at the start of 2016.
What we call the housing crisis – rising rents, not enough houses, a property price boom – is having a profound affect on the lives of people trying to survive in one of the world’s premier cities.
House prices are now 44 per cent higher than they were before the financial crisis of 2008, with the average deposit for a home at over £70,000.
Meanwhile, rents continue to dwarf incomes, with weekly pay increasing by a mere 2 per cent, while rents have grown by 16 per cent in the past five years.
Home-ownership has also fallen over the last decade by more than 10 per cent, from 39 per cent to 27 per cent.
The report highlights the need for 500,000 new homes over the next decade, after just 194,000 were built in the last one. Public investment in new homes fell by a staggering 60 per cent per household between 2011 and 2015.
As of right now, 50,000 households are currently forced to live in temporary accommodation, including 78,000 children.
Lord Bob Kerslake, chair of the commission, said:
“the social and economic fabric of the city is being damaged by our dysfunctional housing market.”
Meanwhile, as Left Foot Forward has reported, homelessness in Britain is up by a third since 2009 and demand for emergency food remains shamefully high.
The London Housing Commission’s final report will be published in March ahead of the London Mayoral Election.
Want to keep up-to-date with stories like this? Sign up for Look Left here.
To reach hundreds of thousands of new readers and to make the biggest impact we can in the next general election, we need to grow our donor base substantially.
That's why in 2024, we are seeking to generate 150 additional regular donors to support Left Foot Forward's work.
We still need another 124 people to donate to hit the target. You can help. Donate today.
17 Responses to “House prices in London are now 10 times the average salary”
Woo11
if you are simply going to post senseless questions, please, dont bother!
David McKendrick
Have you got any better options?
Brad JJ
That is a taboo subject. Careful you do not upset the Millennials.
Brad JJ
Selling council houses did not reduce the housing stock. Dynamiting HUNDREDS OF THOUSANDS of flats in industrial-build Labour tower blocks and medium rise did.
Dundee Population 1970 — `186,000
Dundee Population 2015 — 142,000
Houses build 1970-2015 — 20,000 circa
June 2015 — 7,222 people on housing waiting list
Why? Population goes DOWN 40,000, house building takes place but shortage remains?
Because thousands of tower block flats – built by Labour were demolished.
Brad JJ
This will NEVER be resolved. Never. London is already taking on the make-up of a highly polarised third world city.
There is vast, ignored, criminal overcrowding – ignored because it is too politically sensitive to discuss as ethnicity and faith are central. A 3 bed terrace with 20 occupants – more and more common.
And building enough houses so that prices fell would not be politically acceptable to the beneficiaries of the boom and they are many.
A great issue for Londoners is who should get social housing – low paid workers or vital service providers to the masses.