Page 6 - Rooftops Summer 2019

London no longer calling
Talk to most young people living in London and they will tell you they are struggling. They appreciate the access to clubs, art
galleries, theatres and restaurants, but the cost of living - rent, council tax and commuting – means that few can afford regular evenings out. A supper in, with a bottle of wine and a box set, is often a nightly reality.
Whilst property prices have fallen in London they are still high and are leading
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to an exodus of people in their 30’s from the capital to more affordable areas. Greater mortgage accessibility, reduced rates of SDLT for properties under
£937,000, and the Government’s Help to Buy scheme have created opportunities for first time buyers, which is stimulating activity in the housing market from the bottom up. These factors have created a stronger property market locally than in London, although there is still quite a lot of ‘sitting on the fence’.
A report from the Resolution Foundation think-tank said high housing costs meant more people were leaving London than arriving from the rest of the UK, and this is one of the
The view from our London office
Milly English