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Majority of London’s renters say they’ll never own their own home

A majority of Londoners who rent their home say they have been priced out of property ownership forever.

London Councils, which represents all local authorities in London, commissioned Ipsos MORI to survey Londoners on the capital’s housing stock and market.

The poll found that six in ten renters and half of all private sector renters do not expect to ever be able to buy their own home.

London becomes a city of renters – Evening Standard

The London Evening Standard reports that thousands of new homes for rent are being built in London aimed at young people who have made a lifestyle choice to be tenants, says David Spittles

London’s resurgent rentals sector is leading a nationwide boom in private lettings that will change the face of the property market over the next decade.

Private renting now accounts for 27 per cent of all homes in the capital and has overtaken social renting, which accounts for 24 per cent.

London Fields forever: street style from the hipster park

The London Evening Standard reports from the fringes of the park-cum-outdoor catwalk that is London Fields. Unfortunately nobody from Team Findlay caught the photographers eye.

Click image below to go to gallery:

Click to go to gallery

Click to go to gallery

IMF calls on Bank of England to cut rates – FT

From the FT: The International Monetary Fund has called on the Bank of England to cut interest rates and resume printing money to boost demand in the economy. It has also asked the UK government to prepare a Plan B for deficit reduction if these measures do not work.

In a tough assessment of the UK’s economic prospects, the fund said the economy had not responded as it had hoped and risks of continued stagnation were high.

It said “further monetary easing is required” and should happen with more quantitative easing and a cut in the 0.5 per cent interest rate.

Click image to go to FT story

Click image to go to FT story

NYT: Olympic Park Legacy

The New York Times reports today on the effect the Olympic Park will have on London:

The London Games, although lacking in geopolitical oomph, do have a big-ticket project: The Olympic Park in Stratford, a massive, multibillion exercise in urban renewal that will, at least for 17 days in July and August, shift London’s traditionally west-leaning axis to the east as tourists and Londoners alike disembark from tube and train among other transport options…

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BBC: Landlords ‘evicting tenants’ to make Olympic profit

The Today programme on BBC Radio 4 reports that tenants in east London are being evicted from their homes as landlords attempt to cash in on the Olympics.

The National Landlords Association has condemned the practice, saying it is more beneficial to landlords to have a good, long-term tenant in their property.

36 Hours in East London

The influential New York Times travel section has published a guide on how to spend 36 hours in East London. Click the photo to go to the article…

NY Times Travel - 36 hours in East London

NY Times Travel - 36 hours in East London

Fixed rate mortgages tumble to a two-year low

The average rate of a five-year fixed mortgage has decreased over the past year, from 5.59% to 4.86%. The last time they were this low was April 2010. The falls will trigger interest from home owners because many lenders will increase their Standard Variable Rates from May 1.

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