We suspect that the importance of the City jobs market to London’s housing market has been overplayed. But against the current backdrop in which the wider economy is on course for a twoyear contraction, and maybe worse, and in which London’s housing market already looks overvalued, large scale City job losses and cuts in remuneration will only add to downward pressures on house prices. The City accounts directly for about 8% of London’s jobs and 20% of London’s earnings from employment.
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