Britain’s Prince Charles has warned that rising house prices in London will drive away young people looking to work in the capital.
The 65-year-old royal spoke at the Housing London Symposium yesterday (03.26.14) on behalf of his charity, the Prince’s Foundation for Building Community, which has released a new report advising that utilising old mansion buildings or building new mid-rise properties could help alleviate London’s housing problem.
He said: ”The National Housing Federation estimates that in only six years’ time the average London house price will have risen 40 per cent to £650,000.
”This isn’t sustainable and risks driving away talented young individuals who are starting their careers in London and spending most of their income on rent.
”Home ownership for this generation is seemingly becoming further and further out of reach.”
The prince suggested high-rise buildings cause social dysfunction and alienation and expressed his desire to see more mid-rise buildings being built in London.
He added: ”Mid-rise buildings of between five and eight storeys make ecological sense, too, as they are more adaptable than high-rise, easier to build out of natural materials, are easier to repair and still work for people when the lift is broken or there is a power cut.”
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Prince Charles warns against London house prices
Prince Charles has expressed concern that rising house prices in London will drive away young people looking to work in London and help boost its economy.