Pay double to rent in the capital

Those renting in London are paying twice the amount than other tenants across the rest of Britain. The average monthly rent in the capital has hit £1,412 compared to just £694 in the rest of the country. In a report which compares rent prices to tenant incomes, the North-east of England, Scotland and Wales were said to be at the most affordable level. In London, the average tenant spends around 45% of their annual income in order to stay in rented accommodation.

According to the HomeLet Rental Index, 10 out of 12 regions in Britain are experiencing a rise in rental prices. Those in both the South-west and South-east are also feeling the squeeze after paying 39% and 34% of their yearly income on rent. While some argue that the average wage in London is much higher than other areas throughout the UK, the ability to afford rent is still at a tight squeeze. The chief executive of Barbon Insurance, Martin Totty has argued that “for a rental property to be affordable, a tenant’s gross income must be at least 2.5 times his or her annual rent. Our data shows that rents in London have pushed beyond that”. 

The table below shows the average monthly and yearly rental prices across the UK in comparison to the average income and % of income used from salary to pay for rent based on location.

RENT PRICES	MONTHLY	ANNUALLY	TENANTS INCOME	% OF INCOME
Greater London	£1,412	£16,944	£37,800	45%
East Anglia	£781	£9,372	£28,900	34%
Wales	£584	£7,008	£24,300	29%
South-west	£813	£9,756	£24,900	39%
South-east	£863	£10,356	£30,300	34%
West Midlands	£625	£7,500	£23,400	32%
North-west	£665	£7,980	£24,100	33%
Yorkshire & Humber	£600	£7,200	£22,700	32%
N Ireland	£567	£6,804	£23,800	29%
East Midlands	£579	£6,948	£23,300	30%
North-east	£507	£6,084	£22,700	27%
Scotland	£578	£6,936	£24,200	29%

 

So is there any way you can get cheaper rent? 

Although it may not seem possible but there are several things you can do to negotiate a cheaper rent.

ü   

    - Do your homework and see how long the property has been on the market for.

ü   - Check out what prices the other homes in the area are renting for.

ü   - It’s always good to sell yourself; other references will help show that you have a good credit rating.

Remember; the more information you have the easier it is to strike up a deal. In addition to this, you can also offer to sign a longer lease for less rent because it actually costs the landlord money when a tenant decides to move out. Therefore, the longer your stay, the more appealing your offer as you offer both stability and a regular income. 

If you are a tenant and you are facing some legal issues with your landlord contact us today for straightforward and jargon-free advice. Also, if you are thinking of buying a property and leaving your rented accommodation behind visit us online for more information and advice. A free instant online conveyancing quote is also available here.