Rising rent and housing costs subduing people’s prospects

Increasing renting and housing costs are preventing young people in particular from moving around the country to secure a better life, according to a publication by the Resolution Foundation.

The think tank’s newest study describes living standard gaps between different parts of the UK widening over time, with new job opportunities largely found in cities and the south of England.

The author of the publication Lindsay Judge says that the rate at which individuals change residence has fallen across all age categories.

She says that this is particularly true for young people, despite a larger proportion of them being graduates and non-UK born.

Judge points to three fundamental economic explanations – first, that the ‘push’ of a lack of employment has diminished over time; second, the possibility that the ‘pull’ of more buoyant areas has fallen apace; and third, that changing housing costs may have acted as a “headwind or tailwind” when it comes to moving areas for work.

The report also highlights that 41 per cent of cross-local authority moves were to lower-rent areas between 2002 and 2003. In contrast, this figure stood at 47 per cent between 2017 and 2018.

Furthermore, the data shows that average commuting times have risen, from 25 minutes in 1996 to 32 minutes in 2017 for the age category 25 to 34 years.

Judge concludes that while younger people “are very much at the sharp end of the housing crisis”, all age categories are feeling the impact of rising renting and housing costs.



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