Nick Millican: Brutal Renting Markets Affecting Londoners Mental Health
The neverending struggle of renting has impacted the mental health of many renters as real estate expert Nick Millican explains. A recent survey reveals that tenants in London are coping with the housing crisis by turning to alcohol. Two people share their story.
Esther moved to London from Barcelona 25 years ago. The 61-year-old feels obsolete and irrelevant. This artist moved to a studio after divorcing her husband but had to move when her landlord split the flat into student housing. Two years later, Nick Millican recalls, she was forced to move when her building was converted to luxury apartments.
Evicted for a third time, Esther moved to a Hackney studio that had no insulation, no working lift, an erratic heating system, and spores. Nick Milican adds that Esther pays £1,175 a month plus utilities to live in these unbearable conditions. Unable to pay another rent hike, Esther has been served an eviction and finds it difficult to find another place to rent.
32-year-old Kat fears her relationship with her boyfriend may end due to housing insecurity and high rental prices. Initially, the couple could not afford to move in together, but when they finally did, they struggled to pay the rent on a flat with peeling walls and mold. As Nick Millican reports, a recent poll by Unmind found that most renters were suffering from stress and anxiety triggered by higher rents due to interest rates and inflation.
London tenants reported suffering from insomnia, and some used alcohol to cope. Most felt this impacted their relationship and work performance, agent Nick Millican finally states. Renters are riddled with anxiety and depression due to long-term housing insecurity and feel trapped and unable to progress. For many, saving money for a deposit on a home is just a dream. Real estate expert Nick Millican notes that these conditions are what have forced many couples to leave London.