In our new “Virgin voters” series, we listen to what young people and first-time voters have to say about the election issues that matter most to them. This week, following David Cameron’s housing speech, we talk about housing.
Young people and housing: what’s going on?
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Housing is a big issue for young people. Last year the Office for National Statistics reported record levels of young adults living at home due to high house prices and growing youth unemployment.
- Students in particular are concerned. A report from the National Union of Students (NUS) found that one in five students live in vermin-infested homes. Despite this, the average student let amounts to 95% of the maintenance loan available. Unlike other low-income renters, students are not eligible for welfare payments, such as housing benefit.
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Young people are giving up on home ownership. A recent study found that
half of renters have given up on any idea of buying their own home, as a “rent trap” leaves them without the money to save for a deposit.
What are political parties saying?
- Conservatives: focusing on home ownership. This week Cameron said they would build more homes, including new starter homes for first-time buyers. They say they will also extend the Help to Buy scheme to help first-time buyers. However, they would have no cap on rent.
- Labour: making a number of changes for renters. They say they will have a cap on rent and a ceiling on rent increases for tenancies of over three years. They also want to scrap letting agents fees for tenants and introduce a national register of landlords.
- Liberal Democrats: want more housing, shared ownership and rent-to-buy.
- Green Party: also want to scrap letting agent fees. They want compulsory licensing for all landlords and to cap rent rises to inflation. They want to create a Living Rent commission.
We spoke to first-time voters to find out how they feel about renting and home ownership and to find out which party policies they feel offers them most hope.
‘Reducing agency fees would be extremely beneficial’
Laura Warner, 21, studying at University College London, says:
“The government could do more to make renting easier for young people. I’m in favour of rent caps, particularly where student halls are concerned. For private renting, reducing agency fees would be extremely beneficial. I moved into a house last year and was required to pay hundreds of pounds in agency fees, plus a month and a half’s deposit upfront. It was a struggle to try and find £1,200 before I’d even started paying any rent. It’s an easy way for agencies to make a lot of money from students without actually having to do an awful lot.”
‘Home ownership represents freedom and independence’
Ryan Austin, 19, a town councillor in Bedfordshire and studying at King’s College London, says:
“Home ownership is an important life goal, because it represents freedom and independence. I think I’ll get there eventually. My partner and I aim to have saved a deposit by the age of 25, and I’ve already been assessing where house prices are low. I think the Conservatives’ housing policies, such as the Help to Buy scheme, are the most helpful for young people.
“All parties should be championing property ownership, but supporting young people trying to get on the property ladder, rather than protecting current home owners’ interests. Parties should encourage construction by relaxing planning laws and rolling back the green belt.”
‘We should normalise renting, like in continental Europe’
Beth Watt, 20, studying at the University of Newcastle, says:
“Home ownership is more normalised in the UK than on the continent. In Germany, there’s little pressure on young people to get on the property ladder, which I think is preferable. Our attitudes to home ownership need to change – if renting is cheaper, then it makes more sense than paying a mortgage for a house which could depreciate in value because of market fluctuations.
“I agree with Labour’s proposed rent cap. Landlords routinely abuse their power, so renters need protection, but this won’t be enough – we need nationwide standardisation. Graduates, especially in the north, are being overlooked for jobs in favour of those who live in and around London, as they can’t afford to live or rent long enough in London to gain the necessary experience.”
‘I’ll probably be renting my whole life’
Holly Macartney-Filgate, 20, studying at Queen Mary, University of London, says:
“In London, it’s impossible to buy a home in the current market unless you can afford a crippling mortgage and have a high paying job. Many older, middle class people are second or third home owners or buy-to-let owners, making it even more difficult for young people. Everyone seems to be flipping properties for profit, so there are seemingly none left for us to buy and renovate to spend our lives in. Living in London is more important than being able to own a home. Yes, Londoners are held ransom by disgustingly inflated rents, but London is where the jobs are. Labour’s commitment to reforming the rent system could sway my vote. Renting is something I’ll likely be struggling with my entire life.”
‘I’d leave London if it meant I could buy a house’
Sonam Masih, 20, studying at the University of Roehampton, says:
“The cost of living in London for young adults is too high, so it seems logical to move to where living costs are less expensive and the environment is less crowded. I’ve considered leaving London for the Midlands in order to buy a house. Housing seems to be more spacious and I could put down a deposit on a mortgage without struggling to pay back my student loan, bills and everything else. Home ownership is more important than rent controls. The value of property has increased significantly in recent years, yet there are hardly any substantial changes to the quality of the houses that would make it feel as though it is worth the money.”
‘I worked out that 80% of my loan goes on rent’
Joelle Owusu, 21, studying at Aberdeen University, says:
“The government should be supporting young renters more. I worked out that 80% of my loan goes on rent, excluding bills, and it’s frustrating. Accommodation is a huge deal and for some people it can be a deciding factor when it comes to taking up a university offer. Many are anxious about moving to certain cities due to notoriously high housing prices, with no real guarantee of a place at halls. Rent caps would be ideal. Student unions should offer students more help and information, instead of just handing us leaflets with local letting agent contacts on them.”
- Are you a young voter? How do you feel about housing in the UK? Let us know in the comment section below.
- Join us and host Rick Edwards to debate housing on Friday 24 April at Bristol University. Tickets cost just £5. Find out more here.
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