Four-in-10 Londoners 'worried by rent and mortgage cost'

More than four in 10 Londoners are concerned they will not be able to pay their mortgage or rent next year, figures from the Chartered Institute of Housing (CIH) suggest.

Thirty-six per cent of those polled in an Ipsos MORI survey said they were concerned about being able to pay now.

Forty-five per cent said they were concerned they would not be able to meet their payments in a year.

CIH chief executive Grainia Long said it was "extremely disturbing".

'Dysfunctional market'

Fifty-three percent of those polled by research company Ipsos MORI for charity the CIH said concerns about housing costs were causing them a great deal or a fair amount of stress.

Ms Long said: "The spiralling cost of both renting and buying a home in the capital is causing real hardship for millions of people right now, and these figures show that we are facing a ticking time bomb.

"Decisive action is required to help fix our dysfunctional housing market. Long term problems like this require long-term, fundamental solutions.

"Recent government announcements have shown ministers understand the importance of fixing the housing system, but we need housing to be understood as a national priority if we are to have any chance of dealing with this deepening crisis."

The research was conducted by Ipsos MORI online between 7-12 June involving 2,039 adults aged 16-75 across Great Britain.

This week, research for homelessness charity Shelter said would-be first-time buyers in England with families could face a wait of more than a decade before they can afford a deposit.

Shelter chief executive Campbell Robb blamed a "chronic shortage of affordable homes".

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