London: working for everyone?

This report, commissioned by Peabody, provides new insights into the lives of individuals living in social housing in London – in particular, with respect to their living standards and financial situation. It draws on data from a wide range of official sources to track and analyse developments in incomes, savings and living costs. This is the second of a series of Peabody Index reports which aim to shed light on the capital’s social housing tenants. The key findings of the report are: Real incomes for social housing tenants in London have increased since the start of 2018.

The latest datapoints in the Peabody Index show that average real household disposable incomes among social housing tenants have improved from since early 2018, as they have for other London households. From the recent low of £21,338 seen in February 2018 (in December 2018 prices), real household disposable incomes increased to stand at £22,187 by December 2018. This was driven by a decline in cost of living inflation since February, as well as an acceleration in wage growth. Annual percentage growth in real household incomes stood at its highest rate since August 2015, in the latest data. The average real disposable income of London’s social housing tenants remains slightly below the peak seen in 2010. Recent gains in incomes have struggled to fully offset the impacts of benefit cuts, the rise in the standard rate of VAT to 20% and other cost of living pressures on household spending power.

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