Jan Crosby, Director, KPMG in the UK Head of housing, explains how a different approach to affordable housing in London could help both employees and employers, while providing new opportunities for developers and investors.
With the average London home now changing hands at nearly half a million pounds, many young professionals have little hope of buying their own place. There is a lack of discounted ‘key worker housing’ for public servants and the average salary of those buying through its shared ownership schemes is nearly £44,000. This is well above the median London salary of £336,000, let alone the earnings of graduates beginning careers in fields such as teaching, business services and the media.
Despite the salary premiums offered by London employers, many young professionals struggle to afford accommodation in the capital. Jan Crosby explains how a different approach could help both employees and employers, while providing new opportunities for developers and investors.