Millions ‘putting their lives on hold’ as UK sees record rent rises

The UK saw record rent increases last year, with millions of young people delaying major life decisions as a result.

Millions of people have delayed major life decisions such as starting a family because of housing uncertainty, as rents rose at a record pace in 2023 (Alamy/PA)

Millions of people have delayed major life decisions such as starting a family because of uncertainty about housing, a poll has found.

A quarter of people in England, around 14.1 million people, said insecure housing had led them to put their lives on hold, with the figure rising to more than two fifths of adults under 35.

The poll, carried out on behalf of housing association Hyde Group, comes as figures from the ONS published on Wednesday showed private rents in England rose by 6.1% in 2023, making last year the steepest on record for rent rises.

But it was Wales that saw the biggest annual increase in rents, with prices rising 7.1% over the year to December, down only slightly from the 7.3% rise in rents in the year to November. In Scotland, rents rose 6.2% over 2023.

Millions of people across the nation are putting their lives on hold because they are trapped by our national housing crisis

Andy Hulme, Hyde Group

Andy Hulme, chief executive of the Hyde Group, said: “When more than four in 10 adults aged under 35 are telling us they are putting off starting a family because they aren’t sure where they can live, the main political parties have to start listening.

“Millions of people across the nation are putting their lives on hold because they are trapped by our national housing crisis which we’ve failed to tackle for decades.”

He added: “Not only is setting out a clear plan to build more and invest in affordable and social housing the right thing to do, but this polling shows it’s a vote winner too.”

The poll found 53% of voters said they were more likely to back a party that promised to invest more money in affordable and social housing, with the figure rising to 61% of adults under 35.

Wednesday’s ONS figures showed rents rising in the UK as a whole by 6.2%, also the highest rise for a calendar year on record, and at a time when house prices are falling slightly.

The crisis is particularly acute in the capital, where rents rose 6.8% last year and 41% of people told the Hyde survey that they had delayed major life decisions because of housing uncertainty.

Sam Richards, a former Downing Street adviser and founder of pro-growth think tank Britain Remade, said: “The amount that people are having to pay for rent, especially in London, is simply out of control.

“It is astonishing that the rent paid for a one-bedroom flat in the capital will get you a three-bedroom home in the rest of England.

“The only way we can fix this is by reforming our outdated planning system so we can get spades in the ground and build more homes.

“Not only will this allow young people to once again fulfil their dreams of owning their own homes, but it is also critical to boosting productivity and job creation in and around our major cities.

“Until we build the homes Britain needs, millions of people up and down the country will be denied the dream of home ownership, while renters will be condemned to paying ever increasing eye-watering rents.”

The Hyde Group poll, carried out by Savanta, surveyed 2,226 people between December 1 and 14.