Less than a third of Londoners aged between 20-39 own their home, compared to 41% of people the same age across England. In 1990, 57 per cent of homes in London were owned by someone aged between 25-34, falling to 29 per cent in 2019.[1] Why is London’s housing market proving to be increasingly inaccessible for young people?
London's average house prices are the most expensive of any region in the UK, with an average price of £534,000 in April 2023.[2] This represents a significant increase in the last two decades, with prices more than doubling between 2005 and 2023.
The London Assembly carried out a survey with young people on the challenges with buying a home in the capital, with over 400 responses received to date.
The London Assembly Housing Committee will meet tomorrow for the second of a two-part investigation into young people’s access to home ownership in London to find out what this means for London’s diversity; what financial and housing options are available to them; financial services are available to them, and the impact of declining home ownership rates amongst young Londoners.
The guests are:
- Samuel Hughes, Head of Housing Policy, Centre for Policy Studies
- Rachelle Earwaker, Senior Economist, Joseph Rowntree Foundation
- Freddie Poser, Executive Director, Priced Out
- James Browne, Senior Policy Advisor, Income and Inequality Analysis, Tony Blair Institute
The meeting will take place on Wednesday 19 July 2023 from 2pm, 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
- GLA Housing and Land, Housing in London 2020, October 2020
- ONS, UK House Price Index: April 2023, June 2023
- Read the agenda papers.
- Sem Moema AM, Deputy 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.