The average London household now spends £23,380 per year on rent, by far the highest rate in the UK, plus almost £3,000 per year on bills.
According to estate agent Hamptons, the average London renter spends close to half their after-tax earnings on housing. When household bills are factored in, well over half a renter’s income is spent on basic living expenses before other essentials such as food or commuting are even considered.
