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.”