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Rents in London climb to 36% of average income

Sunset over housesAverage rent as a proportion of income in London hit 36.2 per cent in July, compared to 30.8 per cent a year ago, the latest index from HomeLet reveals.

For the UK as a whole, rent as a proportion of income rose to 31.8 per cent compared to 28.1 per cent a year ago.

Average rents in the UK rose by 1.3 per cent in July to £937 compared to the same time last year.

The month-on-month change was similar, with rents increasing by 1.4 per cent from June’s figure of £924.

Rents in London increased by 3.3 per cent to £1,615 in July.

When London is excluded, the average UK rental value was £777 in July 2018, this
is up 1 per cent on last year.

The North East had the lowest figure for rent as a percentage of income at 23.6 per cent, unchanged from last year.

Urban.co.uk director of lettings Adam Male says: “Government efforts to remedy the current housing crisis have been few and far between but it seems that its sustained attack on the buy-to-let market is having the desired results in forcing many landlords to sell up.

“While this is freeing up stock for those in a position to buy, the dwindling lack of rental properties available to meet the overwhelming demand is pushing rents higher and higher.

“As a result, those aspirational buyers currently struggling to make it out of the rental sector are seeing yet more of their monthly income being eaten up by rent while the wider cost of living is also increasing, but the money they’re making is remaining largely static.”

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