Under-30s are paying unaffordable rent – are the Tories ruining their own future?

Hot on the heels of the energy prices crisis comes the revelation that a growing number of people aged below 30 are being forced to pay unaffordable amounts in rent.

40 per cent of them are now paying more than 30 per cent of their income on rent – a five-year high, according to figures by property market consultancy Dataloft.

The data suggests under-30s are now paying more of their earnings on rent than any other working-age groups.

It seems rents are increasing because fewer houses are on the market after landlords decided to sell properties because of rising taxes, charges and maintenance costs.

As a result, people are offering more than the asking price to landlords, just to secure a property.

The government reckons it has taken action via a £37 billion support package to help households with rising costs.

It also says plans announced in June would ban landlords from evicting tenants in England without giving them a reason, and give renters more power to challenge unjustified rent increases and poor conditions, providing renters with a “fairer deal”.

But you’ll notice there’s no effort to provide more rented housing to lower the costs.

And this leads us to a vital question: are the Tories poisoning their own future?

I was listening to the A World To Win podcast in which author Phil Burton-Cartledge suggested that the Tories are in decline because they rely on older people voting for them – but this isn’t a consequence of age but of the social circumstances surrounding age.

Older people vote Tory because they have accumulated property – but property acquisition is starting to break down: “If you can’t get younger people onto the housing ladder, then the Conservatising effects of property will not have the same consequences.”

Host Grace Blakeley added: “The housing crisis, combined with issues around employment, progression and wages, the cost of childcare, have forcibly extended a lot of people’s youth such that, whilst you can say there’s always going to be plenty of old people, actually a lot of Gen Xers and Millennials will be young in attitudes as well as in living standards for much longer.”

And here, it seems, younger people can’t even think of buying a home because they can’t even afford to rent.

How are the Tories ever going to get these people to vote for them, when the Tories have taken away all their hopes of social status?

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