Homes in England are more cramped than those in New York City, according to new analysis that showed UK property offers the worst value for money in the developed world.
The Resolution Foundation found that the UK has the oldest properties in Europe and English homes have less floorspace than many international peers, notably Germany, France and Japan.
Many younger Britons are struggling to get a foot on the property ladder due to soaring prices, and the issue is rising up the political agenda ahead of an election expected later this year.
“Britain’s housing crisis is decades in the making, with successive governments failing to build enough new homes and modernize our existing stock.
While higher interest rates cooled the surge in house prices, rents in the UK and London are rocketing at the fastest pace on record.
Estimates by Capital Economics show that this now should be closer to 385,000 to bring real house price growth in line with the European average.
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