Housing crisis impacting mental health of young people in Wales warns housing association

The housing crisis in Wales is having a significant impact on young people’s mental health, a housing association has warned.

House prices in Wales have grown faster than any other part of the UK over the past year, putting them further out of reach of many young people seeking their own home.

Speaking to the Financial Times, Vicki Smith of the Monmouthshire Housing Association warned that the situation was now taking a serious toll on mental health and causing anxiety for younger people.

“We have experienced a significant change in how applicants present when they communicate with us [since the start of the pandemic]: their mental health is adversely affected and occasionally [they are] disclosing suicidal thoughts,” she said.

“The worry of paying their rent is a huge concern.”

David James, who works for Monmouthshire Council matching local residents with affordable homes, added that the housing market no longer had any connection to real wages in the area.

“The housing market is no longer priced for local people, but is driven by people moving from elsewhere,” he said.

“This has had a massive impact on the ability of local first-time buyers to own a home of their own.”

‘Slowing’

The average house price in Wales reaches a new record average price of £233,361 last month, 9.7 per cent higher than the same time last year.

Tom Denman, Chief Financial Officer at Principality Building Society, said: “Despite the strong headline performance, the underlying data gives some support to the view that the market in Wales may be beginning to slow.

“With cost of living pressures mounting and consumer confidence falling, it is possible that demand within Wales is moderating.

“None of this should be taken to mean that the market is moving into recession, far from it, but there is a sense here of a slowing market.

“The question now is whether households will hold back either entering the housing market or trading up due to the current uncertain conditions.”