"Jobs are the number one reason why people relocate, but if people are unable or unwilling to move to take those jobs, the nation’s economic growth may well suffer too"
According to the findings of a new survey of over 4,000 renters, conducted by flatshare site SpareRoom, a rising number of people have had to put life plans on hold due to affordability, such as moving into their own place (64%), travelling (30%), planning for a family (14%), and even getting married (5%)
Renters are also choosing to stay put despite wanting to move, to avoid house hunting. 72% of respondents who haven't moved in the past 18 months said they opted to stay put even though they’d rather move. The primary reason (as cited by 82% of respondents) for this was that available properties were out of budget.
97% feel the prospect of house hunting makes them anxious
Stress in the rental market is also affecting the nation's mental health, with almost everyone surveyed (97%) admitting that the prospect of house-hunting in the current climate makes them anxious.
The rental crisis is also having a knock-on effect on career progression. 65% of renters said they'd consider turning down a job opportunity to avoid having to look for a new place in the current market and 33% have already turned down a new job opportunity to avoid having to relocate.
Matt Hutchinson, Director at SpareRoom, comments: "The current rental market isn’t working for anyone. Renters are stressed and struggling, landlords are leaving the market and our workforce is becoming less and less flexible by the day. Both the Conservatives and Labour are heading into the next election promising to grow the UK economy and jobs play a big part in that. Jobs are the number one reason why people relocate, but if people are unable or unwilling to move to take those jobs, the nation’s economic growth may well suffer too.”
