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Your weekly London local government update

13 Nov 24

Housing affordability is key to 
boosting London's economy 

New research published this week shows a one per cent increase in housing affordability in London could yield a boost of £7.3 billion in economic output over a decade.

The analysis, jointly commissioned by London Councils, the Mayor of London, Trust for London, and the G15 group of London housing associations, uses a new economic model to outline the significant impact housing affordability has on London’s productivity and growth.

Between 2002 and 2021 the house price to wage ratio increased by 100% in London. Unaffordable housing stops people moving to match with a better job, and therefore deprives workers and firms from finding the best match. The most recent London Chamber of Commerce and Industry (LCCI) survey of businesses showed that 61% of London firms who tried to recruit faced difficulties in getting the talent they need. In our joint London Councils/LCCI survey of business leaders, housing costs was cited as the number one barrier to finding the right staff.

Responding to the findings, London Councils Chair, Cllr Claire Holland ( [link removed] ), said: “The chronic shortage of affordable housing in the capital is driving up homelessness and putting the brakes on London’s economic growth.

“Astronomical housing costs absorb a huge proportion of Londoners’ income, make it harder for businesses to recruit, and are a clear drag on productivity.

“As this important new research reveals, improving housing affordability in London would bring significant economic benefits, as well as helping those Londoners most impacted by the housing crisis. This is the latest evidence of why increased investment in affordable housing is so crucial. Tackling London’s housing pressures will boost productivity and help generate the economic growth we all want to see.”

You can read the report: Estimating the Effect of Housing Affordability on Economic Productivity in the Greater London Area, here. ( [link removed] )

Centre for London Conference

London Councils Chair Cllr Claire Holland discussed the future of devolution in the capital at the Centre for London conference yesterday, exploring what the English Devolution Bill might mean for London and the powers and funding needed to boost growth and deliver for Londoners. See all the posts from the day @centreforlondon ( [link removed] )

London Councils' TEC Executive

London Councils' Transport and Environment (TEC) Executive Committee will be meeting tomorrow (14 November). Items on the agenda include updates on: Services Performance; Freedom Pass Settlement; Taxicard harmonisation; and TEC Priorities and Shared Ambitions.

The full agenda is available here. ( [link removed] )

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In the news this week...

House price fall could boost London economy
BBC News ( [link removed] )

Right to Buy could end for new council homes
LocalGov ( [link removed] )

MPs launch inquiry on rough sleeping
InsideHousing ( [link removed] )

London chief to retire
LGC ( [link removed] )

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What topics are you interested in? Click here to let us know ( [link removed] )

London Local Government 
Directory

You can find contact details for every councillor in London in our London Government Directory here ( [link removed] )

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The UK Network of Age-friendly Communities will host an online 'Introduction to Age-friendly Communities' webinar on 21 November (10-11am). The webinar is primarily for professionals working within a local authority, voluntary sector organisation or health system who wants to see their community become more age-friendly. You can find out more and register here ( [link removed] )

( [link removed] )You can now also follow London Councils  ( [link removed] )
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London Councils has moved. We are now based at: Fourth Floor, 12 Arthur Street, London EC4R 9AB.

Comments or queries? Email the editor ( [email protected]?subject=Key%20Issues%3A )

visit londoncouncils.gov.uk ( [link removed] )

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London Councils is the collective of local government in London, the 32 boroughs and the City of London.
We also run pan-London services like Freedom Pass and Taxicard. 
London Councils, 4th Floor, 12 Arthur Street, London, EC4R 9AB

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