A salary of £51,200 a year is required to rent a one bedroom home in London according to research conducted by a BBC data team.
Across England as a whole, with the capital included in the analysis, a gross annual income of £24,800 would be needed for the average one-bedroom rental flat. In Scotland £20,700 is needed and in Wales £17,600.
The calculations are made on the basis of people spending some 30 per cent of their income on rent; the BBC used population data from the government and rental data from Hometrack to make its calculations.
However, the analysis suggests that more than 30 per cent is spent by tenants on one bedroom properties in 65 per cent of British postcode areas.
The BBC found that outside of London the least affordable locations to rent were Epping Forest, Cambridge and Elmbridge.
Across Britain as a whole, the most affordable locations (taking 15 to 20 per cent of gross income to rent the one-bedroom property) were Argyll & Bute, the Scottish Borders, Northumberland and East Ayrshire.
In response to the survey the Residential Landlords’ Association policy director David Smith commented: “With a majority of under 35s living in rented housing, it is young people now facing the consequences of the supply crisis facing the private rental market.
“The government’s own data shows that across England there was a loss of 46,000 private rented homes in England in 2016/17, a result of tax increases on the sector. The demand for homes to rent is not expected to slow, whilst figures from the RLA warn of a net loss of 133,000 homes for rent over the next year.
“Given the scale of the housing crisis Ministers need to support the development of new homes to rent alongside all other tenures.”
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S24 needs to be tweeked to only apply to properties purchased since 1/4/18
No s24 needs to be removed totally. It is a legitimate business experience and should’ve claimed like other expenses
With an average of 39% of income going on rent for tenants, it's absurd that the vast majority do not routinely have their single largest outgoing as part of their credit history.
Tenants can now take action with CreditLadder and report their rent to Experian for free. As Lord Birds Creditworthiness Bill progresses through commons in parallel it's time for a change. Tenants can take charge of their data to empower themselves.
If there are any letting agents or landlords that would like more information on how you can help do please get in touch.
of course its about time london rent goes down. it has always been on the high end being london as compare to the rest of the country or neighbouring counties. londoners prefer to buy properties outside london and thereby driving up the prices of houses in bath. Bear in mind salary does not increase and every tenant i came across, 8 out of 10 would spend their salaries on wine and dine instead of paying rent first. the lack of responsibilities of tenants in rent payment are on the increase. More so with all these new policies to protect the tenants and clamp down on landlords. The policies made must at least be impartial and look at all sides of the platter. it wont work otherwise and only cause mayhem and further housing issues.
30 years ago, 23 year-olds could not afford to rent a 1 bed flat in London.
nobody could rent a flat in london especially young renters, graduates or not. even we as older generation professionals cant afford to rent in london. It is London. who are we kidding?
Sort your grammar out as you have no credibility when you do not understand how our language works. Call yourself a professional? You demonstrate quite clearly you are not one of those.
Rent has always been one of the largest expenses of renters. Its like mortgage repayments for first time buyers.
People choose to rent in areas where rents are too high for them to afford, why would anyone want to rent in London before they had a £50'000 a year salary is beyond me. Its like young people on minimum wage starting families, it's a poor financial decision of the low income earners.
It doesn't help that rent charities are blaming those nasty, greedy landlords without pointing their greasy fingers at the government legislation forcing landlords' costs through the roof.
thank you Andrew, that is exactly the point i was looking at. hope paul robinson read this instead of picking on grammar, our language? didnt know we allow racism on this page either. by the way, do you realise we are british?
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