The number of homes in London owned by young people has declined by nearly 30% in the last 30 years[1], but what has caused this decline and what can be done to help young Londoners onto the property ladder?
House prices have risen rapidly over the last two decades, with house prices in London more than doubling between 2005 and 2023.[2] The average house price in the most affordable borough in London, Barking and Dagenham, is £337,400, whilst the average household income in Barking and Dagenham is £30,988.[3]
The financial challenges associated with buying a first home is an issue that is affecting the amount of young home owners in London, and this could have wider consequences for the capital. Figures show the number of young people in the capital has reduced in the last seven years, with London being the only region in the UK to see such a reduction.
The Mayor has a number of key levers in delivering affordable housing for young Londoners, including the London Plan, the Affordable Homes Programme and the London Living Rent scheme.
The London Assembly Housing Committee will meet tomorrow as part of a two-part investigation into young people’s access to home ownership in London to find out what challenges they face, how effective the Mayor’s delivery levers have been in delivering for young Londoners and what more could be done.
The guests are:
- Tom Copley, Deputy Mayor for Housing and Residential Development
- Deborah Halling, Senior Policy Officer, Housing and Land, Greater London Authority (GLA)
The meeting will take place on Tuesday 6 June 2023 from 10am, in The Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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Notes to editors
- https://www.london.gov.uk/sites/default/files/housing_in_london_2020.pdf
- ONS, UK House Price Index: February 2023, 19 April 2023
- London Datastore, UK House Price Index, February 2023
- Shaun Bailey AM, Chair of the Housing Committee, is available for interview.
- Find out more about the work of the Housing Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Tony Smyth in the Assembly Media Office on 07510 488715. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.