In the final days before the UK election, Rishi Sunak insists that he can stay in power
Associated Press2 days
The Facts
Overview: The Office for National Statistics (ONS) estimates that, as of mid-2022, the UK population sat at 67.6M — with 57.1M inhabiting England, 5.5M in Scotland, 3.1M in Wales, and 1.9M in Northern Ireland. According to the latest government data for 2022/23, there were approximately 24.4M households in England living within self-contained accommodation. 65% (15.8M) of households are occupied by their owners, in comparison to 19% (4.6M) which are privately rented, and 16% (4.0M) which are social houses.
Current state: Full-time employees in England were expected to spend approximately 8.3 times their annual income when buying a house in 2023, an increase from roughly 6.8 in 2013, 5.9 in 2003, and 3.5 in 1997. The average private rent in the UK increased by 8.9% in the year to April 2024 (provisional estimate). Average private monthly rent in Great Britain sits at approximately £1.25K ($1.6K, +9.1%), with the average price in England being £1.29K ($1.6K, +9.1%), Wales £730 ($930, +9.0%), and Scotland £950 ($1.21K, + 10.5%). 2023 saw 231K new homes being completed in England — a 9% decrease from 2022 — while planning consents for new homes fell to 235K — the lowest since 2013.
The Spin
Tory narrative
Regaining control of the housing market is integral to the future of the UK’s democracy. The longer younger generations remain unable to own a key stake in society, the less they shall seek to protect the system they find themselves a part of. The longer Millennials and Gen. Zs remain discontent, the more likely populism will continue to grow and undermine the country’s very values.
Labour narrative
Starmer’s decision to remain bold and steadfast with housing reform while other policy sectors have experienced budget slashes shows Labour’s acute awareness of how important the current crisis is to younger generations. While the Tories, and even New Labour, have missed housing targets, Starmer’s commitment to getting the UK building again could be the decisive factor in mobilizing the Millenial vote in a new electoral era.
Reform narrative
Both government and opposition remain unified in ignoring the impact that migration is having on the UK housing market. As an overflowing population continues to swamp supply and spike prices, Tories and Labour alike remain too scared to confront the elephant in the room.
Progressive narrative
Following in the Conservative Party’s footsteps, Labour’s austerity-inspired policies will do nothing to solve the UK’s housing crisis. Despite Hunt and Reeves’ best attempts to ignore the obvious, higher taxes and increased spending are the answers if the country finally wants to see improvements in the living standards of the working classes.