That the housing market in London and the south-east of England is broken seems to be broadly accepted by everybody except the politicians who could do anything about it and out-of-touch boomers with nice houses they bought in the Nineties. Yet even for people as empathy deficient as the “let them quit avocados” brigade, the news that four in ten people under 30 are spending 30 per cent (or more) of their salaries on rent ought to be a cause for concern.
The renters are of course the most obvious losers, caught between rising rents and energy bills and inflation pushing up the cost of leisure and essentials. But they aren’t the only ones. The young are more likely than older people to actually spend their money in the wider economy. Any hit to their fortunes will have a disproportionate impact on businesses such as restaurants and the ailing night-time economy.
Content from our partners
