21 August 2024
Summary: Report forms part of the group's Room To Grow campaign on the importance of London's affordable housing.
The G15 group of London’s largest housing associations, of which MTVH is a member, have published their Funding London’s Affordable Homes report. The report forms part of the G15’s Room To Grow campaign which is highlighting the social and economic contribution of London’s affordable housing sector to the UK economy.
The Funding London’s Affordable Homes report has found that:
· Two nurses on an average salary of £38,000, sharing an average rented accommodation, would be unable to afford market rents in 14 of London’s 32 boroughs – making almost half of London’s boroughs unaffordable for the key workers our city needs to function.
· Social housing is 70% cheaper on average than private market alternatives. Without it, London would be off limits to many people on medium to low incomes; our work helps to ensure London maintains its economic vitality and diversity.
· For those on the lowest 20% of incomes in London, the average social rented home costs 28% of their take-home income, while a privately rented home would consume over 94% of their income.
The report is also calling on the government to provide greater policy certainty to the housing sector to help us improve existing homes, build new ones, and tackle the housing crisis.
You can read the full report here: https://g15.london/room-to-grow/funding-londons-affordable-homes