London’s housing crisis will cost the capital almost £3bn this year in lost consumer spending, according to a major new study on the economic impact of the homes shortage.
Crippling rents and mortgages in the capital – where house prices have doubled in a decade – will result in the “unnecessary” loss of £2.7bn from the consumer pay packet in 2015, according to research carried out by the Centre for Economics and Business Research (CEBR).
The sum represents 1.6pc of total consumer spending in London and amounts to a combined loss of £14.5bn in economic output over 2006 to 2020.
1.6% of consumer spending? Or well under 1% of London’s GVA?
Meh, who gives a shit?