Home advantage: housing the young employed in London

Document type
Report
Author(s)
Scanlon, Kath; Fernandez, Melissa; Sagor, Emma
Publisher
Sutton Trust
Date of publication
16 September 2015
Subject(s)
Housing and Homelessness, Employment
Collection
Social welfare
Material type
Reports

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This report analyses the current housing situation for the young professionals in London and offers innovative solutions to the crisis. Since 2001, London’s population has increased by 12%, but the housing stock has only increased by 9% during the same period. For many of the UK’s top jobs – in law, medicine and finance – London is the place to be, but young people, especially from disadvantaged backgrounds, are being priced out of the housing market. High housing demand has left many young graduates caught in a housing trap, where rising private rents leave them unable to save for a deposit. The number of single people aged 25 – 34 living in shared accommodation has risen by 28% in the last decade and in 2014 there were only two London boroughs – Bexley, and Barking and Dagenham – where the average house price was less than eight times an average person’s income. The report warns that this has worrying implications for social mobility and has led to a growing imbalance between those who can turn to the ‘Bank of Mum and Dad’ for support – whether by paying a deposit, guaranteeing a loan, or being able to provide accommodation themselves – and those who cannot.

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