Two-thirds of young Londoners are willing to support ambitious solutions such as green belt reform to improve their housing chances, according to research by Pocket Living.
The poll of 1,000 25 to 45-year-old Londoners found that almost all participants believe that housing is a crucial or important issue for politicians to focus on ahead of the next general election, ranking above issues such as education, immigration and Brexit, with over three-quarters (78%) claiming they felt the current government isn’t doing enough for affordable homes in London.
According to the third annual instalment of Pocket Living’s report, 67% would vote for a candidate at the next election promoting more housing delivery regardless of their political stance. This figure increases to 73% of those aged between 25-29, suggesting that the younger the demographic the more likely housing issues will influence their key political decisions over the next 12 months.
Earlier this month, Sir Keir Starmer promised to examine green belt restrictions, with a particular focus on land that is not greenfield but is nevertheless unavailable for housing development. Green belt designated land now makes up 22% of the total land area in London, the highest proportion for any area in England.
The report shows the ongoing effects of the affordability crisis in London too, with over three-quarters of renters now claiming housing is unaffordable in the capital and over half (51%) feeling that supply is poor, a figure which has increased from just 29% in 2021.
It therefore comes as no surprise that for the second year in a row, Pocket’s research found that almost one quarter (22%) of non-homeowners under 45 are actively considering leaving London over the next 12 months, likely due to soaring rental and for-sale housing costs.
A quarter of the key workers surveyed, which equates to roughly 200,000 people in the 25- to 45-year-old age bracket, could also leave the capital in search of more affordable housing opportunities this year unless there is a drastic shift in housing opportunities available.
Marc Vlessing, chief executive officer at Pocket Living, commented: “London is at breaking point and this year’s research should act as a wake-up call for policymakers and politicians.”
“Our findings suggest that a staggering two in three non-homeowning Londoners believe they will never own their own home and without urgent intervention to enhance housing solutions, the capital could see many hard-working city makers, essential to our growing economy, pack their bags and leave.”
The end of policies such as Help to Buy and spiralling mortgage rates have led to 65% of those surveyed believing they will never be able to buy their own home in London. The number of people looking to buy within London plunged to a three-year low, with just over one in 10 (13%) stating their intention to buy over the next 12 months; down from one in five in 2021.
Pocket’s research also exposed some of the current challenges facing the London rental market, with almost two-fifths of renters believing that they would continue needing some financial support from their parents over the next ten years.
Yet beyond the obvious challenges, renters also face a variety of difficulties when searching for a home to rent in London. The most significant of these, at almost half (48%), was that properties were snapped up too quickly.
Vlessing continued: “It is clear from our research that these Londoners are ready to take to the ballot box to help improve their long-term housing needs and in 2024 they will have the opportunity to do just that.”
“Next year’s elections might be one of the first times where this demographic out-votes the boomer generation, with those aged between 25 to 45 making up over 30% of the population both in London and the rest of England. Winning over this demographic will be critical to the success of any political entity and our research suggests ambitious housing policies, such as Greenbelt reform, could be the tipping point.”
“Following the events at the Labour Party Conference, it’s clear the party finally seems to understand the current housing issues and the need for a radical reform of the planning system to build more affordable homes.”
“The nuances identified within this research are not restricted to London. Up and down the country, whether it is Liverpool, Manchester, Birmingham, or Bristol, young people are suffering when it comes to housing. It is now time for the political classes to sit up, take note and show they are ready to take on this challenge.”
