A developer claims two in three Londoners aged 25 to 45 are borrowing money to cover housing costs.
Many are turning to credit cards (1 in 3) and some to payday loans (almost 1 in 5).
The research, conducted among 1,000 Londoners in early September, comes on top of what the developer describes as a “record demand for homes” and the capital’s “chronic under-supply”.
The share of 25–45-year-olds ready to leave London due to housing costs has nearly doubled to 42% in two years according to the survey conducted by the Pocket Living company.
Its research suggests that amongst so-called key workers some 52% are considering changing sectors due to housing costs, while 55% are commuting over an hour for work, and the majority say the cost-of-living crisis has delayed their plans to buy.
The same study suggests seven in ten renters say housing costs are harming their mental wellbeing, while many are cutting back on essentials. Nearly half have delayed starting a family as rents continue to rise.
From a political perspective, the research shows that 62% of 25–45-year-olds who voted Labour in the 2024 General Election would reconsider their support if the party fails to deliver its pledge to build 1.5m new homes.
Overall, confidence in Labour’s record on housing remains fragile. With only 41% of renters of the view the party is doing a good job
This article is taken from Landlord Today