London crowned second most expensive city to rent in the world

London continues to be one of the most expensive cities in the world in which to rent property, second only to San Francisco, a fresh study has revealed.

Renters in the English capital are now paying almost half of their monthly salary to rent a one-bedroom flat in the city, according to the new research from Barratt London.

With the average price of a one-bedroom flat in London reaching £1,250pcm, the city ranks below the rental prices of New York (£2,532) and Sydney (£1,558), but based on average salary and the average rental prices, Londoners are spending 45% of their wage on rent, second only to the 47% being paid by those living in San Francisco.

A spokesperson for Barratt London said: “Rental prices in London continue to demand too much of the occupier, to the extent of almost half of their monthly pay cheque.

“Renting must remain a viable option for those looking to move home, but residents might want to consider a buying market that offers plenty of incentives for first-timers.

“The London Help to Buy scheme, for example, is helping first-time buyers get on the property ladder more affordably, with just a 5% deposit and an equity loan that is interest-free for the first five years.”

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