Tenants in London aged 22-29 spent more than half of their income on private rents last year, according to The Independent.
Private rents are now unaffordable for workers on the median wage in London, the South East, South West and East of England, according to the report by PwC. Housing is considered affordable if it takes up 30 per cent or less of pre-tax income.
Millions of public sector workers received a pay rise last year but it was not enough to make up for eight years of austerity measures when salaries shrank in real terms.
“This is not only having an impact on social mobility, it will also hinder national productivity growth in the longer term by preventing people from moving to places in the UK where they can be most productive,” said Mr Hawksworth.
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