London's housing bill

12th September 2014

New research from Savills suggests that the housing bill facing Londoners is now £34.3bn in mortgage interest, repayments and rent to private and social landlords roughly the same as the GDP of Uruguay, the world's 75th biggest economy.

Lucian Cook, Savills' director of residential research, said: "It is not surprising that the cost of housing in London has become so high on the political agenda, when you consider that the annual bill borne by the capital's residents is more than the GDP of Uruguay or Bulgaria, even at a time of record low interest rates." The London figure is about a quarter of the national total and is two and a half times more than paid by the populations of Scotland and Wales combined.

Evening Standard (06/09/2014)