London renters say their search for a home has impacted mental health
The challenge of getting on the housing ladder has affected the mental health of 70% of London renters, according to research from Pocket Living.
The affordable home company found that 77% of renters are negatively impacted by being unable to own their own home.
Three-quarters added that there is a lack of available advice to renters on how to get a foot on the ladder, compounding their stress.
The research among 1,000 renters aged 25-40 shows that 28% can barely afford the rent, while 20% said renting is getting them down, and as many as 16% feel genuinely depressed because of it.
Eight in 10 Londoners worry they will never manage to buy their first home, despite 47% saying they wished to do so.
Their housing situation is also impacting renters’ personal relationships and family aspirations, to the extent that 60% of respondents told researchers that their inability to buy might put them off having a family in the future.
As a result, Pocket Living has partnered with FirstHomeCoach, which offers online guidance to help young renters navigate the processes of securing their first homes.
Lucian Smithers, sales and marketing director of Pocket Living, said: “We’re determined to make home ownership a reality for young, hard-working Londoners. We know that the process of buying your first home can be complicated and stressful.
“We want to give first-time buyers as much support as possible to help navigate these challenges. Our partnership with FirstHomeCoach will provide crucial support to those aspiring to own a home of their own.”