Research from the Centre for London reveals that the cost of building homes in London is dramatically higher than in other parts of England, highlighting a pressing housing crisis. The report indicates that fulfilling the Government's annual target for new homes in London would cost at least 2.2 billion, whereas similar targets could be met for 50.6 million in the West Midlands and 61.3 million in Greater Manchester. This escalating expense has led many residents to contemplate moving out, prompting urgent calls for solutions to safeguard the character of the city.
The research produced by the Centre for London highlighted that constructing homes in London is vastly more expensive, affecting the city's capability to meet housing targets.
Sem Moema warned that the ongoing housing crisis threatens to change London irreparably, as residents consider leaving due to increased living costs.
The staggering costs for building homes in London, calculated at 2.2 billion, starkly contrast with the affordable construction rates in regions like West Midlands and Greater Manchester.
The cost disparity revealed by the think tank signals a dire warning about London's housing crisis, emphasizing the urgent need for effective solutions.
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