about the report
This report highlights the increasing affordability issues facing London's aspiring home owners and explores viable ways for increasing the size of the first time buyer market.
House price inflation has accelerated ahead of wages meaning just 12.5% of London’s 1.5 million-strong workforce aged 22-39 can currently afford to buy an averagely priced first time home in the Capital on their own.
JLL surveyed hopeful first time buyers and found that they will sacrifice space to secure a home which is well located with easy access to transport.
By taking a more considered approach towards size standards and putting more emphasis on thoughtful design, this report demonstrates how the number of viable first time buyers in London can be doubled.
Meeting the aspirations of would-be first time buyers in London is vital to ensuring the Capital continues to attract and retain the world’s top businesses.
London is in vital need of new housing at affordable levels to meet the aspirations of its 1.5 million-strong squeezed middle. Thoughtfully designed flats around minimum size thresholds can double the number of eligible buyers in the Capital. Shared-ownership is becoming unrealistic in many locations and financial props such as Help to Buy are not appropriate or sustainable in the long-term. Failure to address this challenge will place London's economic future at risk and weaken the societal fabric of one of the key strengths of the Capital's economy.