This one chart shows how much we’re paying in rent compared with our regional neighbours
How much do you pay to rent your home? If you’re anything like the average Londoner, it’s a whopping £1,560pcm, a massive 108% higher than the rest of the UK, according to the HomeLet Rental Index.
In the three months to October 2015, rents have gone up a huge 9.7% – this is a faster rise than the same period in 2012, 2013 and 2014.
What’s worse though, is salaries have only gone up 1.7% during this time, meaning rent increases are eating into a significant proportion of salaries.
Another unsurprising fact is that two thirds of respondents listed “not enough money for a deposit” as the top reason for renting, while 29% listed “not able to get a mortgage because of household income, and/or mortgage lenders’ requirements re income multiples and/or available income after outgoings” as the top reason.
Here’s how the average London rent compares with the rest of the UK: