London’s rental prices costing tenants half their salary

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The average rent for a one bed property has reached £1,329 per month as nearly one in three London households are renting privately. analysed data from the ONS which revealed that in 25 of London’s 32 boroughs, tenants are sacrificing more than half of their monthly salary on rent.

In Kensington and Chelsea, tenants are sacrificing 81% of their monthly salary on rent, the highest out of all the London boroughs.

Those in Hackney give 81% of their monthly salary to pay for rent closely followed by Westminster where single tenants use up to 79%.

Single tenants in Bromley and Havering spent the lease of their monthly salary on renting their one bedroom properties in London at 42%.

Robby Du Toit, managing director of Sell House Fast, said: “As demand has consistently exceeded supply over the last few years, Londoner’s 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.

“It’s not only distressing for them but worrying for the property market as a whole – where the ‘generation rent’ notion is truly continuing too spiral further.”

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Written by: Houseladder