Rentals in London are now so high that even young professionals in the financial sector are unable to keep up with costs, despite the average wage being 30 per cent higher than in other sectors.
Business experts have warned that rising costs could affect the city’s role as a leading financial centre, as young bankers may end up being unable to afford to continue living in the city.
Government data showed that the median monthly rental cost in London is now £1,400, nearly three times more than the cost of living in northeast England. According to data released by estate agents Your Move and Reeds Rains in December 2015, London rental costs have increased by an average 5.3 per cent every year since 2011.
Deloitte partner, James Ferguson, said that increasing costs are a problem for all young professionals in the city.
“Having affordable housing and bringing in a new breed of professionals to London is important. If we want London to thrive for professional and financial services we have to create housing,” he said.
Young financial professionals that are hoping to come to live and work in London could also be affected by a Brexit. Experts previously warned that the financial sector will be hit the hardest if the UK leaves the EU.
Companies in the financial sector are now looking at ways in which they can give their employees a helping hand, whilst some have advised London employees to move to a job outside of the city or out of the country altogether.
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