Industry News


London’s single tenants pay over half their salary on rent


their one bedroom property. Tenants in Kensington and Chelsea sacrifice


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the highest chunk of their monthly salary at 85 per cent, while tenants in Havering and Bromley both pay the joint lowest percentage of their monthly salary at just 42 per cent. With wage inflation stagnating below the rate


of increased property prices, it has become increasingly difficult for many young adults to get onto the London property ladder. Many people have been forced into the private rental sector, with nearly one in three London household’s renting privately. Despite the tremendous growth in the


number of properties for rent, the increased demand has continued to drive up rental values. In London the average rent for a one bedroom property is now a substantial £1,329 per month. Sellhousefast.uk analysed data from the Office


of National Statistics (ONS), revealing that single tenants in 25 of London’s 32 boroughs are sacrificing more than 50 per cent of their monthly salary (after income and council tax deductions) on rent for their one bedroom property.


ingle tenants in 25 out of 32 London’s boroughs are paying more than 50 per cent of their monthly salary on rent for


Unaffordable Kensington and Chelsea tops the ‘unaffordable table’ followed by Hackney – where tenants give up 81 per cent of their monthly salary in rent, while Westminster is in third place on 79 per cent. At the other end of the table reflecting


greater affordability are Bromley and Havering at 42 per cent, followed by Redbridge (49 per cent), Merton (49 per cent) Richmond upon Thames (48 per cent) and Bexley (43 per cent). These six local authorities are the only London boroughs where single tenants sacrifice less than 50 per cent of their monthly salary on a one bedroom property. Robby Du Toit, Managing Director of Sell


House Fast commented “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. This notion is demonstrated through this research whereby private rental prices in London are certainly overstretching single tenants; to the extent they must sacrifice over half their monthly salary. 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 to spiral further”.


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12 | HMM July 2017 | www.housingmmonline.co.uk


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