Rising rents and unaffordable house prices are two things I often bemoan in my City Survivors column on behalf of us millennials.
Research from Studio B, Clydesdale and Yorkshire banks’ new innovation lab, has found that almost a quarter (23%) of renters aged 18-40 never expect to be able to afford a deposit on a home, while 59% said high rent is the single biggest barrier to saving more for a home.
But on a more positive note, to celebrate the launch of Studio B’s new flagship London lab on 27 April - and to draw attention to this financial challenge the younger generations face - Studio B is holding a national competition at the store on launch day to offer someone the chance to live rent-free in a penthouse apartment in swanky Kensington.
The Studio B lab is a new “concept space” where prototypes to develop the next generation of banking will be showcased and tested on people. The premises also include a fully functioning branch, where Clydesdale and Yorkshire bank customers, as well as B customers (the banks’ digital bank) can do their daily banking.
If you fancy a taste of the high flying Chelsea life, you need to hot foot it to the lab on Kensington High Street between 7am and 10am for the first round of the competition, which is based on your knowledge of the property market.
The top nine entrants will be invited back at 12.30pm for a practical round hosted by television presenters Amanda Lamb and Rick Edwards. This will include cooking, gardening and DIY challenges to gauge your home-making skills – so start swotting up if you’re desperate for a new crash pad. The lucky winner will be announced on the day.
Studio B will also match the money the winner saves during the year, up to £2,000 a month – the idea is that you can put this towards a deposit on your own home.
For the full terms and conditions, visit the Studio B website. It’s worth pointing out that while your rent will be free for a year, you will need to pay for household bills and council tax.
Helen Page, group innovation and marketing director at Studio B, says: “Our research lays bare the huge challenge people starting out on their own face and this competition will give a lucky winner a huge helping hand, putting them on track to own their own home.
“This is the whole ethos of Studio B. It’s an open space where we can engage with the next generation of customers to design the next generation of banking.”