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Mon, Jul 15, 2024

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Challenges Persist in the Housing Market of London

The issue of renting and buying housing in the city of London remains a pressing concern. The government has been discussing potential measures, including a price freeze, but as of now, the situation remains largely unchanged. 

Recent data has unveiled that when it comes to real estate, England stands out as one of the least accessible among developed nations. The Yes London magazine delves into the findings of this study. The Organization for Economic Co-operation and Development (OECD) has reported that England boasts a per capita housing vacancy rate lower than that of the other 38 member countries, which encompass various EU nations, the United States, Australia, and Japan. 

This translates to a higher likelihood for British citizens to inhabit low-quality dwellings compared to their European counterparts. A staggering 25% of renters in England allocate over 40% of their income towards rent. 

In stark contrast, France and Germany stand at 9% and 5%, respectively. Meanwhile, England faces its own set of issues regarding real estate construction. Surprisingly, since 1980, fewer new housing units have been introduced in England in 2018 compared to Spain, France, Portugal, Bulgaria, Hungary, Romania, and Greece.

According to statistics from Rightmove, the average number of potential tenants in the queue for a property viewing has increased to 25, up from 20 just five months ago. Industry experts have deemed the disparity between housing supply and demand as 'astounding.' In terms of pricing, the average rents for properties outside London have surged to a record-breaking £1,278 per month, while new builds in the metropolitan area have reached an average of £2,627 per month, marking a 12.1% increase compared to last year. This current trend in the housing market is undeniably challenging.

 

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YesLondon seeking to forge deep connections with local communities along the way. By infusing its brand with a fresh dose of creativity and innovation, YesLondon is poised to enhance its global standing while cementing its reputation. YesLondon is all set to unleash a wave of game-changing editorial and marketing initiatives that are sure to captivate audiences worldwide.
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