With house prices in London rising at such a phenomenal rate, it will come as no surprise that most parents who live in the capital are worried that their children will be priced out of ever getting on the property ladder.
According to new research from charity Shelter, 86% of parents in London think the high housing costs will force their children to move out of the capital.
Campbell Robb, Shelter chief executive, said: “With rents and house prices in the capital spiralling out of control, it’s no wonder that the vast majority of parents fear their children won’t be able to afford to live in the area they grew up in.”
The survey also revealed that nine out of 10 parents believe their children growing up in London today will find it harder to afford their housing costs when they leave home then they did.
Figures from the ONS House Price index show that property in London increased in value by a staggering £36,000 last year.
Shelter warned that without a serious strategy to deliver the affordable homes which London needs, an entire generation could end up completely priced out of the city.
The survey highlighted the importance housing policy will play in the forthcoming mayoral election in London.
With Labour MP Sadiq Khan and his Conservative rival Zac Goldsmith currently battling it out to become London’s next mayor, how they plan on dealing with the housing crisis in the capital is likely to play a key role in winning the hearts and minds of voters.
Shelter said that 83% of parents agreed increasing the supply of affordable housing needs to be a top priority for the next Mayor of London, while 7% disagreed.
“The capital’s drastic shortage of affordable homes is leaving millions of Londoners stuck in their childhood bedrooms, or in expensive and unstable private renting, with little hope of saving for a home to put down roots in,” said Robb.
“Parents are crying out for the new Mayor to give their children the chance of a home they can call their own. It doesn’t have to be this way – mayoral candidates must answer their calls, and commit to plans that can build homes Londoners on typical wages can actually afford to rent or buy,” he added.
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