A new report by Get Living London, the private rental company and owners of East Village, the former London 2012 Athletes’ Village, launched last night and revealed that the failure to provide quality housing for the core group of renters that drive the capital’s growth could reduce the economic output of London by £1 billion per year – a cumulative cost of £85 billion by 2025.
London’s economic stability has been a large part of its appeal to both domestic and overseas investors, with the UK capital’s real estate attracting the majority of investment.
Derek Gorman, chief executive of Get Living London commented: “London is the economic powerhouse of the UK, attracting trade and talent from around the world but it is widely acknowledged there is a serious shortage of homes in the capital.
“The Mayor of London has stated that 400,000 new homes will be needed in the next ten years and Get Living London is playing its part by bringing more high-quality private rented homes to the market. With this research we hope to highlight the very real challenges to London’s economic growth over the coming years if we don’t deliver more and better homes.”
Source: The Movechannel