interest payments will have higher rates of income tax relief phased out by the government. Although, companies would not be affected by the new rules. Rented homes The English Housing Survey Bulletin 13 states that in 2013/14 there were 4.4 million households in the private rented sector and 3.9 million households in the social rented sector, of whom 2.3 million households (10%) were renting from a housing association and 1.6 million (7%) were renting from a local authority. Private renters had the highest weekly housing costs, paying on average £176 per week in rent. Mortgagors paid an average of £153 per week in mortgage payments while mean weekly rents in the social housing sector were £98 for housing association tenants and £89 for local authority tenants. When considering the gross weekly income, including benefits, of all household members, the proportion of income spent on housing costs was 18% for mortgagors, 29% for social renters, and 34% for private renters. London The demand for more affordable housing has often been even higher in London than in the rest of the UK. Research from Trust for London found that 24% of new housing completions in the three years to 2015/16 were affordable, which represented 21,500 homes. 6,700 affordable homes were completed in 2015/16, which is just 39% of the target set in the 2015 London Plan. They also found that the amount of affordable homes being built varies significantly between the London Boroughs. Tower Hamlets delivered 1830 affordable homes in the three years to 2015/16, the most in London, while Bexley only delivered 7, the fewest in London. Affordable housing is defined as housing that costs no more than 80% of the average local market rent. See also Homelessness in the United Kingdom Gazumping Green belt (United Kingdom) Housing in the United Kingdom Great Recession Help to Buy List of entities involved in 2007–2008 financial crises National Approved Letting Scheme Real estate economics Subprime mortgage crisis References 2008 in economics Economic history of the United Kingdom Great Recession in the United Kingdom Housing in the United Kingdom Inflation in the United Kingdom