Newspaper article The Evening Standard (London, England)

Home Prices 'Rip-Off' Is Costing London Its Top Brains, Says Khan; RACE FOR CITY HALL May 5

Newspaper article The Evening Standard (London, England)

Home Prices 'Rip-Off' Is Costing London Its Top Brains, Says Khan; RACE FOR CITY HALL May 5

Article excerpt

Byline: Pippa Crerar City Hall Editor

SADIQ KHAN today warned the capital faces a "shocking brain drain" of Londoners at the peak of their careers as he publishes new research showing the extent to which first-time buyers are being ripped off.

Labour's mayoral hopeful said more thirtysomethings left London last year than ever before and that without action this exodus would cause "huge damage" to London's economy, culture and society. Office of National Statistics figures showed that 62,370 people in their thirties left the capital in the year to June 2014 -- the highest number on record.

Mr Khan, who is ahead in the polls, published new research showing the extent to which first-time buyers are being ripped off and promised "not to rest" until Londoners could afford to live in their own city again.

The Labour analysis shows that the average cost of a first home in London -- PS383,000, which could buy a studio flat in E14 -- would buy a seven-bed terraced house in Liverpool, a five-bed detached house in Glasgow or a twobedroom flat in central Manchester. His intervention comes the day after the Royal College of Nurses released new research showing that 40 per cent of nurses in London expect to leave the capital over the next five years because of housing costs.

Mr Khan said: "London faces a shocking brain drain of people at the peak of their career. More thirtysomethings left London last year than ever before.

Forty per cent of nurses say they will have to leave the capital in the next five years. And this research shows why -- for the cost of a studio flat in London you can buy a family home in most of England.

"If we don't act now this will cause huge damage to London's economy, culture and society. As Mayor, I will not rest until Londoners can afford to live in their city again."

Many of those turning their backs on London are flocking to England's regional cities with the booming economies of cities such as Manchester and Bristol a big pull. …

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