You leave school, get a job, buy a house, and settle down. However, for many graduates this is no longer an achievable dream. Without significant savings, often inherited from family wealth, first time homeowners are stuck fighting over the few affordable houses. Even those who get these affordable houses end up spending a significant percentage of their paycheque on this house. A recent report from the Home Builders Federation (HBF) shows that 11.3 million people in England spend more than 40% of their post-tax income on their home. This report also highlights that English homes are in the worst condition of all European countries, emphasising that people are struggling to pay for substandard housing. Whilst this struggle may be felt and experienced by many in the UK, this report highlights how bad the problem truly is, especially compared to our European counterparts. As Steward Basely, the Executive Chairman of the Home Builders Federation acknowledges “It is widely acknowledged that Britain’s housing is in crisis, but this research shows just how badly we are falling behind our international peers.”

The house prices in Wales are significantly lower than England, with the average price being £214,174 in March 2023 compared to England’s £304,193, according to the Office of National Statistics. However, they still cost a significant amount of money, leaving many struggling to find a house, forcing them to continue to rent. This results in an increase of rental prices, as the UK private rental prices have increased by 5.5% in the 12 months leading up to July 2023.

This increase in rental prices massively affects us as students. This year the student maintenance loans in England have increased by 2.8%, falling short of covering the increase in rental prices, not considering the cost increase of bill and groceries. Students are increasingly forced to strictly budget and work many hours at part-time jobs, distracting from the degree that should ultimately be our focus. A study by the Office for Students shows that one in five of the 4,021 respondents to their poll considered dropping out of university because of the cost-of-living price increases.

Whilst there are options to help these increasing cost-of-living prices, such as getting a part time job, or cutting back on non-essential spending, the problem is worse than stopping yourself from buying another round of VK’s at YOLO. Cardiff University does have many resources available to students to help with finance, such as advice with budgeting and information about emergency loans, but a massive issue is with the state of housing highlighted by the Home Builder’s Federation report.

The report emphasises that it is not individual budgeting that is the issue, but the quality and quantity of houses in the UK, which needs to be a focus for the government. The ‘Housing the Nation’ report by the HBF explores the public response to their report and the general state of housing in the UK. In this report they highlight that ‘just 18% of people think politicians truly understand the challenges young people face in getting on the housing ladder’ and 40% believe that it will influence who they will vote for in the next General Election. Hopefully, with pressure from the Home Builder’s Federation and the general public the government will focus upon the UK’s housing issues, without blaming the individual spending of students and first-time homeowners.