Most tenants in London are spending more than half their monthly salary on rent

Most tenants in London are spending more than  half their monthly salary on rent

New analysis from Sellhousefast.UK has revealed that the average rent for a one bed property in London has reached an extraordinary £1,329 per month.

With nearly 1 in 3 households in London renting privately, Sellhousefast.UK examined data from the ONS (Office of National Statistics) and discovered that in 25 of London’s 32 boroughs, tenants are spending more than half of their monthly salary on rent.

The London boroughs most affected by these staggering figures include Westminster, where tenants are spending around 79% of their salary on rent and Hackney where they are spending around 81%. But topping the list are Kensington and Chelsea, where on average, tenants are spending approximately 85% of their monthly salary on rent.

Areas where rents are more affordable include Bromley and Havering, where tenants are paying around 42% of their salary.

Managing Director of Sellhousefast.UK said: “As demand has consistently exceeded supply over the last few years, Londoners have unfortunately been caught up in a very competitive property market where prices haven’t always reflected fair value. For those single tenants with ambitions to climb up the property ladder, their intentions are painfully jeopardised as they can’t set aside a sufficient amount each month to save up for a deposit or explore better alternatives.”

Based on these figures, it would appear that ‘generation rent’ is here to stay, especially in London!