Brain drain warning as first-time buyers priced out of south east

There could be a ‘brain drain’ from London and the South-East as first-time buyers are forced to move out of the region in order to be able to afford to step on the housing ladder.

The warning has come from London agents Cluttons, who say that their research has shown that 53% of aspiring home owners would make the move.

The firm says the exodus movement could dampen economic growth in the region and that businesses could face the challenge of substantial workforce losses.

That could in turn make employers decide to relocate, in order to base their operations where housing is less of a financial burden.

The Cluttons research found that 35% of private tenants are anxious about being able to buy before house prices rise further.

Separately, it has emerged that half of all Metropolitan police officers live outside London.

The Mayor of London’s office said 15,319 officers live in London out of a total of 30,462.

It gave the figures in reply to London Assembly Green member Baroness Jenny Jones, who blamed the “dysfunctional housing market”.

She said: “It isn’t particularly healthy for the majority of our police force to live outside the place they’re policing.

“It’s really time that we allowed key workers to actually afford to live in London.”

A spokesperson for the Mayor of London said: “London is bucking the national trend and is actively recruiting 5,000 new police officers.

“The mayor is also investing record sums to increase the number of affordable homes to buy and to rent in London to make it easier for key workers, including police officers, to live within the communities they serve.”