Housing crisis now hurting UK businesses, research reveals

first_imgHome » News » Housing Market » Housing crisis now hurting UK businesses, research reveals previous nextHousing MarketHousing crisis now hurting UK businesses, research revealsStrutt & Parker says three quarters of 1,000 companies it canvassed say housing crisis is impacting their business’ performance negatively.Nigel Lewis1st February 201901,471 Views Three quarters of senior business leaders believe the housing crisis is impacting their company’s performance, shocking research by Strutt & Parker reveals, highlighting how the ‘broken’ housing market is now a national problem.It also found that just over half said they had lost staff because house prices in the local area were too high or the commute too long, and that three quarters have struggled to attract talent because of the local housing market. Also, the housing crisis is pushing up wages, creating local skills shortages and slowing expansion for some companies.As a measure of the severity of the problem, 71% of respondents told Strutt & Parker they were considering buying or renting homes for employees to live in as a solution to the crisis.One company doing that is accountancy firm Deloitte, which has negotiated preferential terms for its graduate intake at build-to-rent giant Get Living’s East Village development near the Olympic Park in London.Each year 100 recruits move in, benefitting from the ability to reserve an apartment without credit checks or deposit, before receiving two weeks’ rent free. “When it comes to employing staff, high housing costs are restricting growth and profitability,” says Stephanie McMahon, Head of Research at Strutt & Parker’s parent company BNP Parisbas (left).“Anybody would recognise that in major cities around the world the inability to provide housing that people can afford is probably one of the biggest risks to global competitiveness.“You can improve infrastructure and rely on people to commute for longer, but it’s a little like sticking a plaster on the problem.” Strutt & Parker Stephanie McMahon February 1, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

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