London’s private renters forked out 35 per cent of their income on rent as new data revealed the capital is the least affordable place to rent.
The latest report from the Office for National Statistics (ONS) shows that the median rent for London was £1,450 for the financial year of 1 April 2021 to 31 March 2022.
This makes it the only region above the ONS’ affordability threshold of 30 per cent, where a property is deemed affordable if a household spends the the equivalent of 30 per cent or less of their income on rent.
Even lower-priced rents in London are equivalent to almost half of the income of lower-income households at 46 per cent.
The only region above the affordability threshold is London. The median rent of £1,450 in London is equivalent to 35 per cent of median income.
This compares to Yorkshire and the Humber with a median rent of 22.8 per cent of the monthly household income, making it the cheapest region in England.
This map shows the median rent and affordability of regions in England:
England is the least affordable country in the UK with a median rent of 26.1 per cent, based off of £795 rent compared with a £3,050 monthly income.
Meanwhile, Wales is the most affordable with median rent of 23.4 per cent of private-renting household income (£560 rent compared with a £2,390 monthly income).
Northern Ireland was marginally more expensive with a median rent of 24.7 per cent (£650 rent compared with a £2,635 income).
Lower-priced rents in London are equivalent to 46 percent of the income of lower-income households- ONS
In a separate report released by ONS last week, figures show private rental tenants in the UK paid 5.7 per cent more in the 12 months to September 2023, up from a revised 5.6 per cent in the 12 months to August 2023.
Annual private rental prices increased by 5.6 per cent in England, 6.9 per cent in Wales, and 6 per cent in Scotland in the 12 months to September 2023.
London had the highest annual percentage change in private rental prices in the 12 months to September 2023 at 6.2 per cent, while the North East saw the lowest at 4.7 per cent.
