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‘Moving Out: how London’s housing shortage is threatening the capital’s competitiveness’

Last week, London First published ‘Moving Out: how London’s housing shortage is threatening the capital’s competitiveness’.

The research, commissioned in conjunction with global construction consultancy Turner & Townsend, shows London’s housing crisis is fast becoming a threat to jobs and growth in the city.

It found:

–          A majority of workers (56%) have difficulties paying the rent or mortgage and up to a half of them (49%) could leave London to work elsewhere for this reason

–          Three-quarters of businesses surveyed warned that the lack of new homes and rising housing costs are “a significant risk to the capital’s economic growth”

–          A sizeable proportion of firms (38%) are already voicing concerns about how this is affecting recruitment and retention

The findings also suggest that local politicians are overly-concerned about anti-development feeling among alleged ‘nimby’ voters. This should give local politicians greater confidence to tackle the issue:

–          One in three councillors (32%) across London believe they would receive less support if they backed more housebuilding in their local area

–          But just one in six (17%) of the London public said they would see politicians in a more negative light if they advocated building more homes locally

This research is part of a concerted effort from London First to make the case to politicians and decision-makers about the need to increase housebuilding in London.

The research had considerable impact in the media, with coverage in the Telegraph, the Evening Standard, the Guardian, and the New York Times.

Director of Strategy, John Dickie, had multiple outings on BBC London news, as well as on the Sunday Politics Show (at 51:23). CEO Jo Valentine had an opinion piece in City AM explaining why the housing crisis is fast becoming a threat to London’s businesses, and was on BBC London radio.

The professional press also showed great interest, with coverage in Property Week, Building and Estates Gazette. Further online coverage in financial press, included Financial Advice, ShareCast, Sharewatch Global Market, and Yahoo news.

Earlier in the year we outlined 12 solutions to London’s housing crisis in our report Home Truths. Our latest joint report with Turner and Townsend, reinforces the need for bold action now and political will to deliver more new homes to support London as a place to live and work.

Contact: Jonathan Seager, jseager@londonfirst.co.uk

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