Is London Housing Completely Unaffordable for Young People?

18th February 2023
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London is one of the world's most vibrant cities, with its bustling streets, iconic landmarks, and diverse culture. However, for young people, finding affordable housing in the city can be a challenging task. The high cost of living in London has been a growing concern for many years, and the issue of affordable housing is a pressing one. In this article, we will explore the question, "Is London housing completely unaffordable for young people?"

The Current State of the London Housing Market

London's housing market is notoriously expensive, with prices rising consistently for the past few decades. According to a report by the National Housing Federation, the average house price in London is £496,000, while the average income is £35,000 per year. This means that the average house in London costs around 14 times the average salary. This is well above the recommended ratio of 4:1, which suggests that housing is unaffordable for many people in the city.


The Impact on Young People

The high cost of housing in London has a significant impact on young people, many of whom are struggling to find affordable accommodation. According to a study by the National Union of Students, nearly a third of students in London spend over 70% of their income on rent. This leaves little money for other essential expenses, such as food, travel, and social activities.


Why is London Housing So Expensive?

There are several reasons why housing in London is so expensive. Firstly, there is a high demand for housing in the city, with a growing population and a limited supply of properties. Secondly, the cost of land is high, which drives up the price of housing. Thirdly, the government has not invested enough in social housing, leaving many people reliant on the private rental sector, where rents are high.


What is Being Done to Address the Issue?

There have been several initiatives aimed at addressing the issue of affordable housing in London. The Mayor of London has set a target of building 116,000 affordable homes by 2022, with a focus on social housing and homes for first-time buyers. The government has also introduced schemes such as Help to Buy, which provides financial assistance for first-time buyers. However, critics argue that these initiatives do not go far enough, and more needs to be done to tackle the root causes of the problem.


Conclusion

In conclusion, the question of whether London housing is completely unaffordable for young people is a complicated one. While the high cost of living in the city is a significant obstacle, there are initiatives in place to address the issue of affordable housing. However, more needs to be done to tackle the root causes of the problem, such as the lack of social housing and the high cost of land. With continued effort and investment, there is hope that the situation can be improved, and young people can find a home in this vibrant and dynamic city.


Bluestone Properties 
Looking for a reliable letting agency or estate agency in South London? Look no further than Bluestone Properties. With years of experience and a commitment to customer satisfaction, we are your go-to choice for all your property needs. Whether you're looking to rent, buy, or sell, our team of experts is here to help you every step of the way. Contact us today to schedule a consultation and see how we can help you achieve your property goals!


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