ESG

The SoCo Mission

London is facing an affordability crisis.

Young people, historically enticed by London’s cultural, social, and economic draw, are being effectively priced out of the market. This is either turning them off London, allowing major cities such as Glasgow and Manchester to retain their best young talent, or pushing them towards substandard accommodation.

According to the Public Accounts Committee, 13% of privately rented properties in England currently pose a threat to the health and safety of renters. In London, anecdotal evidence suggests this figure is far higher. Single renters are increasingly being pushed into HMOs. Not only is this accommodation often unlicensed, with research by London Property Licensing finding that there are over 130,000 unlicensed HMOs in London, but a single renter is only protected from effective strangers by a bedroom door lock. The consequence of this is young people turning away from London. Graduates from London universities taking their skills and educations to other cities and skilled workers remain-ing abroad or in their hometowns.

This isn’t good for them; and it isn’t good for London