Deloitte, one of the Big Four accountancy firms, is helping its new graduate intake navigate London's housing crisis by reserving more than 40 flats in the former Olympic Athletes’ Village.
The firm has joined forces with Get Living London, owner and manager of privately rented homes at what's now the trendy East Village, to help junior staff rent newly furnished apartments there. They'll be entitled to two weeks’ rent free, and are exempt from credit checks as well as agency fees.
"London has an image problem as a place where affordable accommodation is hard to find. Initiatives like this seek to address the problem to ensure London remains an attractive destination for the best and brightest," James Ferguson, partner at Deloitte UK, said.
The widening gap between supply and demand has sent rental prices across the capital to all-time highs. This has made the cost of living, especially for those starting out on the career ladder, increasingly unaffordable.
A survey of the Deloitte’s 2014 graduates found that securing quality and affordable accommodation in central London is a major concern. Around 72 per cent lived in rented property, with the remainder living in family homes and commuting into Central London.
"The availability of affordable rented accommodation is a problem for all Londoners, including young professionals.
"Five per cent of our graduate intake last year found the city’s housing costs so prohibitive they had to share a bedroom, while others lived in property where communal living space had been converted into an additional bedroom to make renting affordable," Ferguson said.