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Rocketing house prices and rents are costing London’s economy over a billion pounds a year and thousands of jobs, according to new research by Cebr. Rocketing house prices and rents are costing London’s economy over a billion pounds a year and thousands of jobs, according to new research published today. The data also shows the pressure that high housing costs are inflicting on people working not just in low-paid jobs but in many traditionally middle-class occupations. The price of housing in London – both for those buying and renting – has risen rapidly in recent decades. The capital’s property market even weathered the global financial crisis with a display of great resilience. After falling in 2008 and 2009, prices in the capital bounced back to their pre-crisis peak in 2010. Between July 2010 and July 2015, average house prices in London have risen by 45%, with the typical cost of a home standing at over half a million pounds (£525,000). The research is being publi...