Easyroommate.co.uk, a flat sharing website has recently carried out a survey that has come out with some pretty unsettling results for the folks living in UK. According to their survey flat rents are increasing at roughly 5 percent per year, whereas annual salaries are rising much slowly at 2.8 percent. This means that people will have to shell out more and more portions of their salary.
This survey, which took data from Office for National Statistics and 15,000 room advertisements listed on the EasyRoomMate website places the average UK net monthly income at £1,665 and £365 per month as the average room rent. The math here brings the percentage share of rental in the monthly income at about 21.9 per cent. Now one would easily guess that London would take the top slot as the Most Expensive City rent share wise. But you’ll be surprised my friends! Apparently Poole, Dorset is UK’s least affordable rental location. Residents of Poole have to pay £398 every month on rent, which represents 26.8 per cent of their salaries.
Based on absolute value the winner of the most expensive rents is still London at £520 per month. But the average income of a Londoner is also higher and when calculated for the percentage the rent eats up from the net monthly income, the figure comes a close second at 26.2 per cent. At just £280, Newport in South Wales is the least expensive city in UK rent wise, with people just having to fork out 18 per cent of their monthly income. Blackpool, York, Leeds and Sheffield also figure in the top 10. If the rents continue to rise faster than the incomes, then by 2020, People living in UK will see rents eating up almost one-third of their income!