Britain’s rent seeking economy laid bare
Private landlords raked in £54 billion from tenants over the last year, according to estate agent Savills. Picking up this story for the FT (article behind paywall), Aime Williams reports that the problem is particularly acute in London and amongst young people:
“Younger people are responsible for about half of Britain’s total rent bill, paying around £24bn to landlords over the past year. The average share of income that Britain’s families spend on housing has trebled over the past 50 years, with young people dealing with longer commutes and smaller, less secure rented accommodation than their parents, according to the Resolution Foundation think-tank.”
Is there any wonder that young people are turning to the Labour Party, whose leader is promising rent control?