Housing charity Shelter has warned the housing crisis will halve the number of young homeowners by 2020.
The report released on Friday states home ownership among 25-34-year-olds has fallen from 1.8 million to 1.2 million, and could drop to 616,000 within the next five years.
Roost met with Hannah Barlow, Labour Cllr for Hammersmith and Fulham, to hear her take on why renting may be in the spotlight, but it’s still yet to take centre stage of the political debate…
Onefinestay is a short to mid term letting company that offers homes and flats across London, Paris, New York and Los Angeles. Plugging a gap that is a major bugbear of many residents in the four cities, the company offers empty homes for temporary rents of up to six months.
Is it any surprise that London has come out top in the world’s most expensive cities to rent a property? According to figures from the Global Property Guide, to rent a home in inner London you’ll be paying around £7,136 ($11,089) per month. The numbers are based on a 120sq.m property, usually an apartment. Monaco is the most expensive place to live in the world, with a buying price per sq. m costing as much as $60,114.
The website for residential property investors says a 250 sq.m apartment in a prime location in the capital could cost around £6,200,000. While the figures are based on luxurious areas of London like Kensington and Chelsea, it nevertheless highlights just how impossible it is for many people to live in central London.
Global Property Guide suggests that foreign property investors in Britain are being blamed for the extortionate house prices in London.
But its not just Londoners who are suffering. According to Homelet, regional rental prices are now growing faster than the capital.
Click here to see the full infographic from infogr.am
So perhaps we should all move to The Bahamas. Unlike London, it has great beaches AND it’s only 19th on the list.
New York was the second most expensive city to rent property, with an average rent per month of $7,225, followed by Hong Kong with rents of $6,431.
The City of London is, perhaps unsurprisingly, the best place to live and work in the UK according to the areas average weekly pay and weekly rental cost.
The figures are taken from the Office of National Statistics’ ‘Annual Survey of Hours and Earnings’ and Gov.uk‘s live tables on rents, lettings and tenancies.
Generation Rent launched its latest campaign earlier this month with a demand for a queen’s speech on housing.
All the stats and data surrounding the housing crisis can be a little overwhelming, so a London renter has brought attention to the issue by making box graphs around the streets of the capital. His charts visualize the UK housing crisis in a very real, and unavoidable way. The graphs by Arman Naji show the steep rise in homelessness, house prices and average rents using stats he’s collected.
Images of the graphs can be found on the Street Graphs Tumblr page, or you can find them around London: