{"id":49749,"date":"2022-11-18T12:58:12","date_gmt":"2022-11-18T12:58:12","guid":{"rendered":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/?p=49749"},"modified":"2022-11-18T14:16:22","modified_gmt":"2022-11-18T14:16:22","slug":"autumn-budget-rising-rent-leaves-young-people-struggling","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/autumn-budget-rising-rent-leaves-young-people-struggling\/","title":{"rendered":"Autumn Budget: Rising rent leaves young people struggling"},"content":{"rendered":"\n<p><strong>In light of the ongoing cost of living crisis, England is facing the worst property shortage in recorded history. <\/strong><\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.london.gov.uk\/Mayor%20calls%20emergency%20private%20renting%20summit%20as%20nearly%20half%20of%20London%20renters%20could%20default%20on%20their%20rent\" title=\"https:\/\/www.london.gov.uk\/Mayor%20calls%20emergency%20private%20renting%20summit%20as%20nearly%20half%20of%20London%20renters%20could%20default%20on%20their%20rent\">Mayor of London has called an emergency private renting summit<\/a> in an attempt to combat rising anxieties.<\/p>\n\n\n\n<p>Sadiq Khan reported 40% of Londoners think they will struggle to meet rent payments in the coming months with the average rental prices rising to nearly \u00a32500 a month.<\/p>\n\n\n\n<p>With tourism back to pre-pandemic levels and universities returning to in-person learning, there is an influx of renters in a housing market that just can\u2019t keep up.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/ethan-wilkinson-EeI2kJY3L5A-unsplash-1024x683.jpg\" alt=\"\" class=\"wp-image-49752\" srcset=\"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/ethan-wilkinson-EeI2kJY3L5A-unsplash-1024x683.jpg 1024w, https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/ethan-wilkinson-EeI2kJY3L5A-unsplash-300x200.jpg 300w, https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/ethan-wilkinson-EeI2kJY3L5A-unsplash-768x512.jpg 768w, https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/ethan-wilkinson-EeI2kJY3L5A-unsplash-1536x1024.jpg 1536w, https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/ethan-wilkinson-EeI2kJY3L5A-unsplash-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Image: Ethan Wilkinson (Unsplash)<\/figcaption><\/figure>\n\n\n\n<p>This is why the Mayor of London has implemented <a href=\"https:\/\/www.london.gov.uk\/programmes-strategies\/housing-and-land\/homes-londoners\/what-homes-londoners\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.london.gov.uk\/programmes-strategies\/housing-and-land\/homes-londoners\/what-homes-londoners\">Homes for Londoners<\/a>, a program tasked with building more social housing on empty public land.<\/p>\n\n\n\n<p>According to the meeting minutes, the scheme initially had the goal of building 116,000 new homes through the pre-existing <a href=\"https:\/\/www.london.gov.uk\/programmes-strategies\/housing-and-land\/homes-londoners-affordable-homes-programmes\/homes-londoners-affordable-homes-programme-2021-2026\" target=\"_blank\" rel=\"noreferrer noopener\">Affordable Homes Programme <\/a>(AHP), and the scheme recently attained an additional \u00a34 billion in funding secured for a 4-year extension.<\/p>\n\n\n\n<p>As of a <a href=\"https:\/\/www.london.gov.uk\/moderngovmb\/ieListDocuments.aspx?CId=423&amp;MId=6764&amp;Ver=4\">report published on 4 November<\/a>, the program has started sites for more than 91,764 homes (79% of their overall goal) with 490 new households being social housing.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Autumn Budget <\/h4>\n\n\n\n<p>Just days after the Mayor\u2019s rent-freeze call to action, the Chancellor of the Exchequer, Jeremy Hunt, announced the release of the highly-anticipated <a href=\"https:\/\/www.gov.uk\/government\/publications\/autumn-statement-2022-documents\/autumn-statement-2022-html\">Autumn Budget<\/a>.<\/p>\n\n\n\n<p>Many Londoners were hoping to see government funding going toward the growing housing crisis in the new budget.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Watch Live as Chancellor <a href=\"https:\/\/twitter.com\/Jeremy_Hunt?ref_src=twsrc%5Etfw\">@Jeremy_Hunt<\/a> delivers the Autumn Statement to the <a href=\"https:\/\/twitter.com\/HouseofCommons?ref_src=twsrc%5Etfw\">@HouseofCommons<\/a>. <a href=\"https:\/\/t.co\/MfMWQ7hz6E\">https:\/\/t.co\/MfMWQ7hz6E<\/a><\/p>&mdash; HM Treasury (@hmtreasury) <a href=\"https:\/\/twitter.com\/hmtreasury\/status\/1593204371445395457?ref_src=twsrc%5Etfw\">November 17, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>According to the chancellor, there will be a \u00a31 billion increase to continue the work of the <a href=\"https:\/\/www.gov.uk\/government\/publications\/household-support-fund-guidance-for-local-councils\" target=\"_blank\" rel=\"noreferrer noopener\">Household Support Fund<\/a>, a program to assist \u201cvulnerable households\u201d with essentials over the winter. The program, first started in September 2021, has now seen \u00a32 billion put toward the scheme, which is set to expire in March 2023.<\/p>\n\n\n\n<p>In addition to the Household Support Fund, Hunt announced a 7% cap on social housing rents next year in an attempt to avoid an 11% rent spike.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Demand VS supply<\/h4>\n\n\n\n<p>SpareRoom, the flatmate matching site, has seen a huge <a href=\"https:\/\/www.spareroom.co.uk\/media\/rental-index\" target=\"_blank\" rel=\"noreferrer noopener\">increase in property demand<\/a> versus supply since the third quarter of 2021. <\/p>\n\n\n\n<p>Using around 300,000 UK room ads, SpareRoom compiled a London Heat Map consisting of average room rents, inclusive of bills, for all London postcodes.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"481\" height=\"576\" src=\"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/Screenshot-2022-11-18-at-11.16.57.png\" alt=\"\" class=\"wp-image-49776\" srcset=\"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/Screenshot-2022-11-18-at-11.16.57.png 481w, https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-content\/uploads\/sites\/64\/2022\/11\/Screenshot-2022-11-18-at-11.16.57-251x300.png 251w\" sizes=\"auto, (max-width: 481px) 100vw, 481px\" \/><figcaption>Heat Map courtesy of SpareRoom Quarter 3 Report<\/figcaption><\/figure>\n\n\n\n<p>Amid soaring rent prices, there is <a href=\"https:\/\/thetab.com\/uk\/london\/2022\/10\/10\/its-official-there-are-seven-renters-for-only-one-room-available-in-london-47507\">reported<\/a> to be seven renters for every available room, while the number of spaces being advertised continues to decline.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">So, what does this mean for young renters in London? <\/h4>\n\n\n\n<p>Considering the difficulties surrounding high rent and even higher competition, it is nearly impossible to truly gage the effect the housing crisis will have. Whether this will result in a record amount of homelessness for the winter or a decline in London universities\u2019 enrolment, there is no clear answer.<\/p>\n\n\n\n<p>Londoners can only hope for continued government action and assistance to help alleviate the impact of the crisis.<\/p>\n\n\n\n<p>Look out for further cost of living and housing crisis coverage from Voice of London.<\/p>\n\n\n\n<p><strong>Words: Cerah Handsaker | Subbing: Yana Trup<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In light of the ongoing cost of living crisis, England is facing the worst property shortage in recorded history. The Mayor of London has called an emergency private renting summit in an attempt to combat&#8230;<\/p>\n","protected":false},"author":476,"featured_media":49892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[7308,7306,3797,4046,5233],"class_list":["post-49749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-autumn-budget","tag-cost-of-living","tag-london-housing-crisis","tag-mayor-of-london","tag-renting"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/49749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/users\/476"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/comments?post=49749"}],"version-history":[{"count":9,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/49749\/revisions"}],"predecessor-version":[{"id":50115,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/49749\/revisions\/50115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media\/49892"}],"wp:attachment":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media?parent=49749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/categories?post=49749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/tags?post=49749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}