London renters are now spending nearly 42% of their median income on rent, ONS Private Rental Affordability data for 2024 shows.<\/p>\n
This means most rentals in the capital are considered unaffordable, as the cost exceeds an affordability ratio of 30%.<\/p>\n
Tenants in Wales and Northern Ireland have it far easier, where rent accounts for 25.9% and 25.3% of incomes respectively.<\/p>\n
Richard Donnell, executive director at Zoopla, said: \u201cThe affordability of renting has worsened in 2024 as rapid growth in rents has outpaced the rise increase in household incomes.<\/p>\n
\u201cStrong demand for rented homes on higher migration for work and study together with higher mortgage rates has boosted rental demand while the number of homes for rent has remained static for a decade as landlords slow investment.<\/p>\n
\u201cThe rental supply\/demand imbalance remains but growing affordability pressures for renters, especially across UK cities, is limiting the pace at which rents are rising for new lets. Zoopla\u2019s latest rental index shows rents are increasing at 2.7%, the lowest rate for 4 years \u2013 since July 2021.<\/p>\n<\/p>\n
\u201cLower rent inflation will be welcome news for renters but only by growing the supply of rented homes can the pressures on Britain\u2019s renters be truly eased.\u201d<\/p>\n
With the average rental price now sitting at \u00a31,344 across the UK, this would mean a renter would need to have a salary of around \u00a340,320 just to qualify to rent a home at this price.<\/p>\n
Megan Eighteen, president of ARLA Propertymark (Association of Residential Letting Agents), said: \u201cAffordability has tightened throughout the UK due to several factors, including rising mortgage rates, increased living costs, and stagnant wage growth in some regions.<\/p>\n
\u201cIt\u2019s vital that we address the underlying causes of rising rents directly. Ongoing regulatory and financial pressures on landlords are driving many out of the market, especially when there is such a pressing need for housing, which is a key factor in the significant rent increases we\u2019re seeing.<\/p>\n
\u201cInvestment from reliable and professional landlords is essential, as the private rental sector is instrumental in providing housing for the nation. This can only be achieved with the backing and understanding of all levels of government across the UK.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
London renters are now spending nearly 42% of their median income on rent, ONS Private Rental Affordability data for 2024 shows. This means most rentals in the capital are considered unaffordable, as the cost exceeds an affordability ratio of 30%. Tenants in Wales and Northern Ireland have it far easier, where rent accounts for 25.9% […]<\/p>\n","protected":false},"author":1,"featured_media":2766,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n