Millennials are integral to London’s growth!
Is London becoming too expensive for our millennials, our next generation? Are they considering moving out of the capital because of exorbitant rent rates?
A survey conducted recently revealed that people in their 20s are so concerned about the rent rates and cost of living in London that approximately 80% of the respondents are keen on relocating to outer areas or nearby cities where rent rates are affordable!
Well, if this is indeed the mindset of the millennials, then, this should definitely be a cause for concern because they do not have any choice. A majority of the youths today are not in a position to afford rented accommodation. If the same trend continues, we cannot imagine of an inclusive growth in London. For, unless a city enjoys and leverages the demographic dividend, inclusive growth or progress across all sectors will remain elusive.
Today, the London average rent per month ranges from £1,507 to £1,550, which is twice that of the UK average. Compared to other global cities and financial centres, the rent in London is undoubtedly on the higher side, and definitely not that a youngster or a student, in particular, can afford. When even young working professionals and couples find it hard to pay such rents, imagine the plight of youths trying to gain a foothold in this expensive city by securing a job or entry into an educational institute.
The rising cost of housing and the resultant hike in rents in London are having multiple impacts on our society. The impact of high rents of homes on the youths, our future, has to be assessed from both the social and economic perspectives. We have seen and heard sad stories about youths’ experiences at rented accommodation. Though the government intervened at the right time last year to ensure that youths are not fleeced for cramped spaces by house owners, we need a long-term approach to solve this issue, which has the potential to turn into a major crisis in the coming days.
We cannot afford to enjoy continued economic growth in London by keeping youths out of it. We should not end up in a situation where the youths blame the stakeholders of housing in future for their plight. They constitute a decisive workforce across sectors be it services, or manufacturing or any other core sector. We need to evolve systems and processes that will insulate these youngsters from the rise in prices of housing or rent rates.
We also need to explore ways and means to bring certain sections among youngsters into the affordable housing or social housing segments. For this to materialize, a consensus needs to emerge from the stakeholders of housing, and that includes the government also, and we can just make a good beginning towards tackling this issue.
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