The survey of 1,000 Londoners in early September found that 70% of renters said high housing costs were negatively impacting their mental wellbeing.

Despite high demand for accommodation, Pocket Living has attributed this to a “chronic” shortage of housing in the capital. As such, the share of Londoners aged 25-45 ready to leave the city due to housing costs has nearly doubled to 42% in the past two years.

Key workers are being the hardest hit, with Pocket Living finding 52% are considering changing sectors due to housing costs while 55% are having to commute for over an hour due to where they can afford to live.

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Pocket Living also gauged respondents’ political affiliates. The research found that 62% of those aged between 25 and 45 who voted Labour in the 2024 General Election would reconsider their support if the party fails to deliver on its 1.5 million homes pledge.

Additionally, only 41% of renters view the party as doing a good job.

“Our latest research shows that the pressures facing not only young Londoners, but those into middle age, have deepened significantly over the past two years,” said Paul Rickard, CEO at Pocket Living.

“What was once generation rent is now, for too many, becoming generation debt.

“The priority now must be to maintain that momentum and turn intent into delivery — with strong collaboration between the public and private sectors, we can give Londoners the stability they deserve and ensure the capital remains a place where people can live, work, and thrive.”