Britain is in the midst of a rental crisis. With rents at record highs and an ongoing cost of living crisis, Brits’ are starting to feel the effects, not just in their pockets, but in their professional and personal lives too.
A new survey of over 4,000 renters, conducted by leading flatshare site SpareRoom, reveals the current rental market has meant that many people have had to put life plans on hold due to affordability, with the key things being:
- moving into their own place (64%)
- going travelling (30%)
- moving in with a partner (15%)
- planning for a family (14%)
- studying (13%)
- and even getting married (5%)
Renters are also choosing to stay put despite wanting to move, to avoid house hunting. Nearly three quarters (72%) of respondents who haven’t moved in the past 18 months said they opted to stay put even though they’d rather move. The primary reason (82%) for this was that available properties were out of budget.
The rental crisis is also having a knock-on effect on career progression. Two thirds (65%) of renters said they’d consider turning down a job opportunity to avoid having to look for a new place in the current market and a third (33%) have already turned down a new job opportunity to avoid having to relocate.
Matt Hutchinson, Director at SpareRoom, comments: “The current rental market isn’t working for anyone. Renters are stressed and struggling, landlords are leaving the market and our workforce is becoming less and less flexible by the day. Both the Conservatives and Labour are heading into the next election promising to grow the UK economy and jobs play a big part in that. Jobs are the number one reason why people relocate, but if people are unable or unwilling to move to take those jobs, the nation’s economic growth may well suffer too.”
Please find more information and the full results of the study HERE. Do let me know if you’d like to speak to anyone about the research — Matt Hutchinson is also available for comment or interview upon request.