Lincolnshire Young Adults Face Rental Challenges amidst Economic Crunch
Many young adults in Lincolnshire, notably recent graduates and professionals in their early 20s, are experiencing a severe crunch in affordable and quality housing options to rent, the result of a combination of economic factors and dwindling rental inventory.
Rental Supply Drop and Rent Hike
Statistics corroborate this concern, as findings from a recent BBC investigation indicate a significant decrease in the UK's rental supply - down by a third since September 2021. Concurrently, rent prices saw an average increase of 11%. Adding to the housing crisis, landlords sold 35,000 more properties than they acquired in 2022, hence increasingly exacerbating the rental shortage.
Graduates Express Concerns
Sophie Wellham, a psychology graduate from the University of Lincoln quoted, "I’ve just left university and I wanted to gain some independence, but there isn’t anything really affordable around here." She ended up opting for private student housing due to lack of affordable options.
The 'Criminally Grotty' State of Affairs
Backing Sophie's observations, 27-year-old Piers Pike has been scouring for affordable accommodations in the city centre, and voiced his frustrations saying, "Renting around Lincolnshire is like anywhere at the moment. There just doesn’t seem to be enough and those that are available are either overpriced or frankly criminally grotty."
Cost of Living Crisis Further Strains House-Hunting
Adding to the already severe situation is the current cost of living crisis, which is leveraged to profiteer by certain landlords, aggravating the strain on tenants. Piers adds, "Most people reading this article will probably think something along the lines of ‘well just work harder and buy a house,’ but it’s not as simple as that in today’s world,... salaries are simply not keeping up with the pace of what it costs for a mortgage deposit."
Experts Speak: The Market Dynamics
Hymie Bentley, a partner at Mundys Estate Agents in Lincoln, confirmed these realities. Bentley observed, "There has been a reduced supply and a strong and consistent demand for rental properties. As a result there is lots of competition for desirable rental properties, and this has also impacted on market rents. Increased levels of legislation, costs and taxation have affected landlords for a number of years, and these are just some of the factors that have resulted in more landlords leaving the rental market."
Bentley advocated for a balanced approach from government to address the needs of both tenants and landlords to ensure a consistent supply of property to the market.