Londoners are threatening to leave the capital in their droves as many struggle to pay rocketing housing costs, as wealthy overseas and domestic cash buyers prop up housing prices.
The city could face a “brain drain” as employees look to relocating to more affordable parts of the country, according to research conducted by YouGov for London First.
The not for profit organisation that promotes London to investors said the capital is going to feel the economic consequences of London’s housing shortage with nearly half of those polled vowing to leave the city if prices keep climbing.
The majority of employees (56pc) find it difficult to pay rent or mortgages costs and work in London while three quarters of businesses warned that a lack of supply and costs are a “significant risk to the capital’s economic growth.”
London employees, employers, councillors and more than 1,000 members of the public were all polled on behalf of business group London First and global construction consultancy Turner & Townsend.