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House prices: Londoners threaten to flee the capital over housing costs


09-26-2014

 

Talent to exit London due to record high house prices, YouGov poll finds

Dark clouds over the House of Commons, London. Houses of Parliament
There could be an exodus across the Thames as Londoners claim they will leave the city if property prices keep going up. Photo: PAUL GROVER

London employees, employers, councillors and more than 1,000 members of the public were all polled on behalf of business group London First and global construction consultancy Turner & Townsend.

For employees, £70,000 was the magic number to living comfortably in the city. The survey revealed that those earning over that amount found it easy to service mortgages and rents.

There is already a movement of wealthy Londoners selling up in the central boroughs for vast sums of money and upsizing elsewhere, click into our map to see where homeowners in the capital are moving.

Two out of five businesses surveyed said they are already concerned about the impact that Londonís housing supply and costs are having on their ability to recruit and retain staff.

This news follows research from the property group, Savills, which came out earlier this week, and found that London had overtaken Hong Kong as the world's most expensive cities for companies to settle and relocate employees.

"London is a magnet for talent, no matter peopleís background and means, is what keeps it ahead of the game," said Baroness Jo Valentine, chief executive of London First.

"Our research lays bare the economic dangers of the housing crisis, particularly in terms of losing crucial skills of those aged 25-39, who find it the most difficult to live and work in the city."

London should be a city for everyone with talent, not just those who can afford sky-high rent/mortgage costs, she continued.

"We could be storing up major problems for the capital if we donít address this. There will come a time when people will not keep travelling across counties and continents to make London the vibrant world city it is if they can only afford to live in a box or have to travel hours to get to work."

 

www.telegraph.co.uk

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