London’s high house prices sees workers leaving the city

Posted on 20 July, 2016 by Steph Cowie

A recent survey released by The Federation of Small Businesses, has revealed that the housing crisis is pushing employees out of the city.

London’s high house prices sees workers leaving the city

This has seen a quarter of small businesses considering relocating their companies. The report also saw that 57% of owners are worrying about the well-being of their employees, due to the staggering living costs.

A majority of business owners have offered their assistance to workers by introducing loans for rentals, mortgage payments and helping to find accommodation.

The FSB are also campaigning for an agreed London-wide definition of affordable housing based on employees’ earnings, rather than the property market value. They want assurance that at least two-thirds of all new house builds in the capital, are classed as “affordable housing based on earnings”.

With increased prices for commercial property and houses “this is not an issue that is going away, this is a crisis that affects every aspect of London life”, confirms Sue Terpilowski OBE, FSB London policy chair.

Will London become an affordable city for all businesses and employees in the near future?

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