Rising rental prices and living costs are squeezing purses all over the country, even more so for young people and apprentices where a lower minimum wage has led to 2.8 million staying in the parental home, which is expected to rise to 3.8 million by 2025. Young people are increasingly moving into poor quality accommodation or shared accommodation due to financial constraints.
Money experts advise that rent should account for a third of a person’s expenditure each month but affordable high quality properties are gradually becoming a rarity. It is most young people’s aspiration to live in high quality accommodation but a barrier to that can be rent exceeding 50% of their monthly expenditure.
YMCA Fylde Coast has been working in local housing since 1998, during that time the YMCA has supported thousands of people from all walks of life into safe and secure accommodation. Last year, the YMCA housing department began shifting its focus with the challenges young people face at the heart of the process. The YMCA is in a unique position to understand the difficulties that young people experience in the local housing marketing.
The Director of Housing and Young people began investigating the affordability of the rental market in Lytham Saint Annes; it was found that the average cost of a 1 bedroomed flat was £434 per month. The YMCA looked at the affordability of this based on a young person working full-time hours on minimum wage according to their age.
The results revealed that in the Fylde area 18 to 20 year olds renting a 1 bedroomed apartment would be spending 52% of their income a month and 21 to 24 year olds renting a 1 bedroomed apartment would be spending 44% of their income a month. High costs such as this are leaving young people vulnerable to financial difficulties, eviction and a low standard of living.
The new development is the first of its kind on the Fylde Coast; the YMCA invested funds into the project and received £562,697 of financial support from Section 106 funds held by Fylde Council to deliver affordable housing in the borough. Paterson House is helping young people close the door on unaffordable rent and live in brand new, high quality housing that may have seemed aspirational but is now a reality.
The 12 apartments located on Sefton road are on the market at £338 per month. The monthly rent falls within the suggested third of monthly expenditure for 18 to 25 year olds. Paterson House is offering accommodation that enables young people to live independently in a high quality environment with like-minded young people in work. If you are a young person aged 18 to 25 and would like to register your interest in an apartment in Paterson House CLICK HERE.