Business leaders believe housing crisis has negative impact on
New research from Strutt & Parker reveals that the housing crisis is moving up the
boardroom agenda and is now a serious concern in companies across the UK.
Surveying 1,000 UK C-Level executives and business owners about the impact of housing on their businesses, a clear message comes through, “When it comes to employing staff, high housing costs are restricting growth and profitability,” says Stephanie McMahon, Head of Research of Strutt & Parker's parent company, BNP Paribas Real Estate. “It's an issue that directly affects the ability of businesses to expand. According to our survey, high housing costs are responsible for a lack of skilled workers applying for jobs and slower expansion due to unfilled positions.”
Strutt & Parker's survey reveals that the issue of housing affordability has spread right across the country, extending far beyond London, and is now so serious that three-quarters (73%) of companies would consider relocating to an area with more affordable housing. Some businesses are contemplating an even
more radical solution. In one of the most dramatic findings of the survey, 71% of respondents are either actively considering investing in residential areas for their employees or are thinking about doing so in the future. The UK's competitive jobs market means that employers are having to look at a range of options to attract and retain staff.
Jeremy Langridge, who specialises in Occupier Solutions at BNP Paribas Real Estate, has noticed a greater willingness to support employees amongst his clients. He says: “The wellness offering for staff is a big part of their agenda. One element of this is looking at ways to make it easier for employees to get to work, whether that's improving transport access or flexible working. All businesses are having to engage with the issues faced by their employees, which include longer travelling times due to high housing costs, to ensure they attract the best talent and retain those they have already.”