A lettings platform has confirmed what many of us probably suspected: it’s cheaper to live in the north of the country. Let’s delve into some of the statistics, as collated by Bunk and featured here.
Across the UK, rents have increased from an annual cost of £7,871 in 2017 to £8,110 last year – that’s according to the company’s thorough independent research.
So, how does this compare to our salaries here in Great Britain? In 2017, the average salary hit £26,713, with rent accounting for 29.5% of a tenant’s salary. This has increased to £27.431, with a marginal increase of just 0.1% in rent to salary ratio.
Londoners the Worst Affected
This isn’t the case everywhere in the UK, though. England, Wales and Northern Ireland have seen a decrease in rent as a percentage of salary, but this has increased by 1.28% in Scotland.
Londoners are the worst affected when it comes to rental prices. In the capital, the average rent as a percentage of salary has increased from 35.9% to 48.2% in the space of just a year.
Let’s look at some more statistics:
Richmond (south west London) ranked as the second-worst UK area for rent affordability, with the rent to salary ratio jumping from 31.9% to 41.3% in a year Hackney (north London) residents are the third worst off, increasing 8.9% in a year Outside London, tenants in Rutland are paying 35.1% of their salary on rent, compared to 29.2% a year ago Tenants in Nottingham have seen their rent increase by 6% Midlothian and Edinburgh residents have seen the biggest increase north of the border, up 5.6% and 5.5% respectively.
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