Reacting to today’s announcement by the Halifax that the value of homes in London is now almost double that of all the properties in Scotland, Wales and Northern Ireland, Green Party mayoral candidate Sian Berry said:
“It’s no surprise that London’s housing stock is worth the same as all the properties in vast areas of the rest of the country. But it’s no cause for celebration – particularly if, like me, you belong to Generation Rent.
“On paper, with homes worth more than £1 trillion, London is wealthier than ever. So why do so few Londoners feel it?
“One reason is that owner-occupation has been plummeting since the invention of the buy-to-let mortgage. And those who do own property in London face the prospect of remortgaging or moving out to help their kids get a foothold in the city, so these soaring figures don’t necessarily benefit them either.
“This is what happens when we treat property as an investment not a home – and it’s one more sign that the whole system needs a total overhaul not just tinkering around the edges.”