London’s Landscape: What Does the Housing Crisis Mean for the Capital?
The UK’s housing crisis is the hot topic on everyone’s lips – with everything from private renting to David Cameron’s Right to Buy scheme coming under public scrutiny. As changes are rolled out across the country, those living in London are left wondering what the future looks like for aspiring homeowners.
As the UK’s capital, London is no stranger to the hype surrounding affordable housing – and today, we’re finding out how the city’s housing landscape is being affected by the latest shake-ups.
London living: in numbers
The epicentre of England, London is a hive of political activity – constantly hitting the headlines and being launched into the media limelight. Home to 8.6 million people, the cost of living in the city has long been a cause of controversy – and with house prices continuing to climb and ambiguity surrounding the definition of affordability, all eyes are on the capital.
In August this year, the BBC reported that the average home in Westminster costs 24 times more than the annual average salary – raising concerns over how the UK’s aspiring homeowners will ever get a foot on the property ladder. But it seems that London’s house prices might finally be slowing down, with the Daily Mail recently reporting that the city’s house prices have risen just 4.2% compared to 8.8% in the East of England. And with rents rising to £1,500, the capital’s landlords could see more and more tenants opting to buy rather than rent.
A home to call your own
London is a treasure trove of exciting and innovative architecture – so despite the difficulties surrounding the housing sphere, it’s little wonder people are still keen to set up home in the city.
Following a period of financial instability, the government are making plans for what they promise will be more affordable housing – in an effort to give the next generation of buyers a much-needed monetary boost. For those who want to own their own homes, the Right to Buy scheme offers an opportunity to climb the property ladder that may otherwise never have existed – but there’s speculation surrounding just how effective this will be.
Right to Buy will support council and housing association tenants in buying their homes – with a discount of up to £103,900 available for those living in London. This will give prospective owners a chance to purchase a property of their own – and with flat prices in London up 67% compared with 10 years ago, the capital could see a significant increase in homeownership.
Personalising your property
Whether you’re renting with a view to own or are already a homeowner on the hunt for ways to overhaul your tired interior, your house should be more than just a place to live. From injecting a splash of colour to jumping on the latest residential architecture trends, you can make your home an extension of your life and identity.
The world of interior design is dynamic and diverse, allowing homeowners to create a bespoke space that reflects their tastes. By exploring the true potential of interior architecture and design, any Londoner can create their dream home in the UK capital.
From bespoke apartment blocks and historical landmarks to quirky commercial and residential architecture, the city is saturated with stunning buildings – so it’s no wonder such a huge number of people are searching for their own haven in the heart of London.