Published: 7th Jun 2019

Young people are less likely to move around the country for better-paid work because of rising housing costs, according to a new report. The report by the Resolution Foundation claims young people are less mobile than they were 20 years ago, mainly because privately-rented accommodation has become more expensive. According to the report, the number of young people (aged 25-34) starting a new job and moving home in the last year has fallen from 30,000 in 1997 to 18,000 in 2018. It adds that the cost of renting privately has risen by almost 90% the among highest-paying local authority areas, compared to just over 70% among the lowest paying, which ‘significantly’ reduces the benefits of moving around the country for work. The report calculates that once housing costs are deducted, the average private renter moving from a low-paying area, such as East Devon to a mid-paying area, such as Bristol … (To read the full article, subscribe below)