LONDON HOUSE PRICE

HIGH HOUSE PRICES ARE DESTROYING LONDON ECONOMY

Soaring London house prices are costing the economy more than £1bn a year and preventing the creation of thousands of jobs, as individuals plough money into buying and renting instead of spending their cash elsewhere, a report has claimed. workers in many sectors were now priced out of the capital, while companies were being forced to pay more to attract staff and help them meet living expenses but also spending a huge amount of money to rent the company premises from parasite Landlords. The report said there was a knock-on effect on consumer spending, with money being spent on expensive mortgages and rents rather than other goods. It said as much as £2.7bn could have been spent elsewhere in 2015 if housing costs had kept in line with inflation over the past decade. This additional spending could have supported almost 11,000 more jobs, and meant a boost to the economy of more than £1bn this year. A report by property firm Savills found that London wasthe most expensive city in the world for companies to rent residential and office space.

http://londonhouseprice.com/2015/10/high-house-prices-are-destroying-london-economy/