Hundreds of thousands of Londoners in their twenties are being put off starting a family because of soaring house prices, an exclusive survey reveals today.
The poll found 42 per cent of this 1.4 million-strong age group say that if the cost of homes stays at current levels or rises they will be less likely to raise children here. It also revealed four in five Londoners aged 20-29 have considered quitting the capital because of sky-high housing costs.
The findings sparked a warning by business leaders that “generation rent” may become “generation went” if property prices and rents rise further.
Young women especially seem more likely than men to delay having children because of spiralling house prices and budget-busting rents. A total of 46 per cent of women in their twenties said they were less likely to raise a family in London due to housing costs.
The survey by Opinium Research was commissioned by the business group London First for the Fifty Thousand Homes campaign. It is calling on the next Mayor of London, almost certainly Zac Goldsmith or Sadiq Khan, to ensure 50,000 new homes are being built each year in the capital by 2020.
Will Higham, director of the campaign — backed by a coalition of city businesses — said: “Young Londoners at the start of their careers are telling the next mayor very clearly what needs fixing.
“London’s housing supply is simply not keeping up with our growing population as a city and they are feeling the pinch — paying the cost through high rents, not getting on the property ladder and even making trade-offs about when to start a family.”
Baroness Jo Valentine, chief executive of London First, said: “London business depends on talented people making a career here. If some can’t we all lose out. This is unfair on the young but is going to end up hurting us all if generation rent becomes generation went.”
She stressed that the housing crisis was now a “boardroom issue” as a growing number of firms face difficulties getting the employees they need.
The poll also found 36 per cent of Londoners in their twenties say the jump in house prices made them more likely to decide to raise a family in the city. More than half of this group either already own their property outright or had a mortgage on it, the poll indicated — highlighting the city’s wealth divide.
A total of 81 per cent of Londoners in their twenties have considered quitting the capital because of housing costs, according to the poll. It found 30 per cent of this age group had seriously considered moving away and plan to do so to enjoy lower housing costs.
Opinium Research interviewed 520 Londoners in their twenties between January 7 and 14.