Countrywide urges new London Mayor to place housing high upon their agenda

Countrywide

Friday, May 4, 2012

Commenting on the London Mayoral election, Grenville Turner, Chief Executive at Countrywide, the UK's largest estate agency and property services Group which includes key London brands including Bairstow Eves, John D. Wood & Co, Faron Sutaria, Hamptons International and Sotheby's International Realty UK, said: 

"Having travelled across three continents in the last fortnight, it is clear to me that London is the property capital of the world as a result of a thriving London property market, stable Government and currency, and a continued commitment to the development of London's infrastructure.

"We have seen an increasingly high demand from foreign investors for mid to high-end London properties and we hope that the new mayor will continue to attract inward investment to the capital.

"However, considering the wider London market, we recently carried out a Homemover survey with YouGov and found that only half of London residents are currently happy where they live, with 27% of London respondents citing deposit affordability as their main reason for not purchasing a property. Also, one in five claimed mortgage affordability was a barrier, compared to a national average of 21% and 16% respectively.

"We urge the new mayor to recognise the importance of each sector in the London market and place the issue of the shortage of affordable housing in the city high on their agenda." 

Results from the Countrywide & YouGov Homemover affordability survey:

Question: Please state your reasons for not buying a property (tick all that apply) 

Response

London Respondents

National average

I'm happy where I live at the moment

53%

62%

I'm unable to afford a deposit

27%

21%

I'm unable to afford a monthly repayment

20%

16%

Job insecurity

15%

12%

I think house prices will fall in the future

8%

5%

 

About the survey:

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 6215 adults, of which 327 had bought a home in the last two years. Fieldwork was undertaken 13th - 19th March 2012. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

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