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TODAY'S OTHER NEWS

Renting in London costs twice as much as elsewhere

London remains by far the most expensive place in the country to rent, with average rent in the capital 114% higher than in the rest of England and Wales, fresh figures show.

The average monthly rent in London currently stands at £1,619, which is more than double the average of England and Wales, according to the latest Goodlord Rental Index.

The data, based on tenancies processed through the Goodlord platform in February 2019, also revealed that void periods are shortest in London, where the average time between tenancies was just 13 days.

In contrast, void periods were longest in the West Midlands, with an average of 33 days.

Overall, void periods were down in February for five out of the eight regions across England and Wales.

In terms of length of tenancy, London had the longest average fixed term tenancies, at 14 months, which is three months longer than the nearest region, which is the South East.

Tenants in London have the highest average income, at £36,000, while tenants in the North East have the lowest average income, at £17,000.

The West Midlands is the most affordable region for renters, based on a tenant’s annual income divided by their yearly rent share.

Across all eight regions, tenants spent approximately 29% of their income on rent.

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  • Neil Moores

    BREAKING NEWS....REALLY?

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    London ! don't want to go anywhere near the place.

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    Even with an average wage of £36,000, you would struggle to pay London rents, taking into account the Council Tax, other utilities and living expenses.
    Also, income tax would have to come out of that figure, so not much left to live on really.

  • Paul Barrett

    ONLY the rich and those on welfare can afford to reside in London.
    If the feckless welfare scroungers DON'T bother working at least 16hrs pw to avoid the OBC then they have £23000 of welfare to support them.
    This DOESN'T even include Council Tax Support.
    So add about another £2000 to the £23000
    So to earn a net income of £25000 how much do you need to earn to have a net income of that amount!?
    So remember a HB tenant in London sitting on their arse on a sofa watching Jeremy Kyle earns net £25000
    They have no travelling or expensive daily food costs cos they can eat at home.
    To be on the same net income a worker would need to be on about £50000 per year!!!
    Most working Londoners commute.
    So that is about £5000 gone if you also include car parking costs at the stn.
    Very few normal working Londoners are on wages in excess of £26000.
    So far from being poor it is the poor old commuter who is poorer than welfare claimants who can lay in bed all day and receive far more in net income.
    It is not often realised but welfare claimants are in the upper 25% of income earners in the IK.
    Working in London is a mug's game!!

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