Millennials In London Are 'Hiring Cleaners Instead Of Saving Up For A Deposit'

London millennials are spending money on cleaners instead of saving for a deposit for a new home, a new study suggests. Sixteen per cent of under 35s have a cleaner, compared to 9 per cent of older age groups, according to the study commissioned by app Airtasker. The study also found Londoners are the laziest people in the UK, and London itself is the most 'time-poor' part of the country. Many young Londoners admitted to not having enough time to clean, while some find housework simply too boring, the study found. Read more on the Evening Standard website.

https://www.standard.co.uk/news/uk/millennials-are-hiring-cleaners-instead-of-saving-up-for-a-deposit-a3863341.html

Millennials Spend Three Times More Of Income On Housing Than Grandparents

Millennials are spending three times more of their income on housing than their grandparents yet are often living in worse accommodation, says a study launched by former Conservative minister David Willetts that warns of a “housing catastrophe”. The generation currently aged 18-36 are typically spending over a third of their post-tax income on rent or about 12% on mortgages, compared with 5%-10% of income spent by their grandparents in the 1960s and 1970s. Despite spending more, young people today are more likely to live in overcrowded and smaller spaces, and face longer journeys to work – commuting for the equivalent of three days a year more than their parents. Read more on the Guardian website.

Capping Aspiration: The Millennial Housing Challenge

The government’s plans to cap housing benefit at Local Housing Allowance (LHA) levels would lock 84% of young people in low-paid, insecure jobs out of all housing options in the South East. This is the warning from research by Sheffield Hallam University for the Consortium of Associations in the South East (CASE). CASE members said the government should reconsider using the shared accommodation rate as the maximum level for housing benefit for under-35s. Instead, it should give associations and local authorities the freedoms and flexibilities to continue to meet the housing needs of this group, the report said. Researchers said in their report Capping aspiration: the millennial housing challenge that some 84% of people aged under 35 in the South East would be affected when benefits are capped from April 2019. Download the report from the Sovreign website.

Millennials Spend Over A Third Of Take Home Pay On Rent

According to the latest Landbay Rental Index, young tenants are spending a third of monthly take home pay on rent, with those in a three bed property spending 30% and those in a two bed spending 39%. Those attempting to live alone face spending over two thirds (69%) of monthly take home pay. For tenants aged between 18-39 and living alone, 69% of a monthly post-tax income of £1,447 is spent on £1,012 of rent. In a shared house of two people, overall rent of £1,152 adds up to 39% of each tenant’s income, while those co-habiting in a three-bed property would each spend 30% of their monthly take home pay on a rent of £1,322. Read more on the property reporter website.