Cost of living crisis: Three quarters of London parents worried about housing costs

·1-min read
Cost of living crisis: Three quarters of London parents worried about housing costs

Almost three quarters of London parents are concerned about how they will afford housing costs in the face of spiraling inflation and soaring energy prices, research released on Friday has found.

Families feel “stressed” and “overwhelmed” about increasing cost of living pressures, according to the survey of 5,000 UK parents for foundation Nesta.

Fears about rising fees were most acute in the capital and campaigners have called for Government-funded free school meals for all children over the winter to help ease the financial pressure on households.

In London, 74 per cent of families surveyed said they were worried about how they would afford rent or mortgage payments in the coming months, compared to just over half in the UK as a whole.

The fears come on top of the mental health difficulties experienced by children during Covid, with more than half of UK parents fearful about the impact the pandemic has had on their children.

Tom Symons, deputy director of Nesta’s Fairer Start team, said parents were caught in the “perfect storm” of the cost of living crisis and the legacy of Covid.

“Financial insecurity causes toxic stress and long-term harm to children, so families desperately need more support from government,” he added.

Average energy costs will hit £3549 per year next month, and are expected to increase again to more than £5,000 in January.

It comes as private rents in London are rising at a record rate having jumped by over 14 per cent in a year.

They are now averaging some £2,200 per month in the capital, up from £1,919 last year.

The British Chambers of Commerce has forecast that the UK will enter into a recession before the end of 2022.