Half cannot afford average national rent

Insurance giant Admiral has warned that nearly nine out of ten Londoners can no longer afford the average cost of rent in the capital. In London, there are 157 people looking to rent for every 100 available rentals - and 86.5% of people’s budgets are too low to afford the average cost of rent, while 43.4% of rentals in London are out of budget for the average renter, the firm found. Countrywide, 52.7% of people’s budgets are too low to afford the average rent in the UK with an average rental costing £553 per month in England. Across the UK, there are 188 people looking for a place to rent per 100 available rentals. London was topped only by Bath, where 87.9% of people’s budgets (£565) are too low to afford the average rental (£743). In contrast, Bradford has the largest proportion of affordable rentals, with an average renting budget of £419 vs. an average rental price of £391.

City A.M.