THE CONTEXT
IN WHICH WE WORK
London is dependent on its young people. Since the turn of the century, there has been a net inflow of young residents from the rest of England, that move to London to study or work early in their careers. With its international appeal, London also draws hundreds of thousands of young people from across the globe for studies and employment, bringing huge economic, intellectual and social capital to the city. The value of international students2 : • £2.3 billion annual net benefit • 70,000 jobs supported Since the early 2000s, London’s population has grown by more than 20%, in line with a rapid increase in the number of jobs. In the same period, the London housing stock saw an increase of only 15%, failing to accommodate the extra demand. Rather than stemming population growth, this shortfall has resulted in a rapid rise in house prices and rents, with average rents increasing by 38% in the past ten years (12% above inflation). As an indicator of how high London rents are, the rent of a one-bed flat was the equivalent of 46% of gross pay, almost twice as high as the UK average (24%). High housing costs are a widespread pressure for Londoners, with and increasingly prevalent overcrowding and homelessness. When housing costs are taken into account, a quarter of Londoners live in poverty.
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