Londoners spend 71% of income on rent
London households spend 71 per cent of their take-home pay on rent.
This is according to research by FindaProperty.com, which found people are on average parting with £25,824 of their net annual income of £36,384 due to the demand for lettings in London.
It means the typical leasing family in the capital spends 95 per cent of the UK household wage on their dwelling.
Samantha Baden, property analyst at FindaProperty.com, said: "Average rental prices peaked in September of last year but have come down since then, most likely as a result of more properties coming onto the market."
She added the first quarter of 2012 saw an increase in supply, especially when it comes to bigger properties.
However, Ms Baden stated individuals seeking smaller houses are being forced to consider location, as well as size, whenever trying to get a good deal because of the levels of competition.
Posted by Ben Carter
Published 8th May, 2012
© 2012 Estates IT Limited
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