Price of renting one-bed home increases in UK
Employees under-30 spend nearly 50% of regular earnings in lease a recent report said
The price of renting a-one-bed home in the United Kingdom has increased to take up nearly 50% of the average under 30’s monthly, based on figures.
A brand new tenancy on a one bed house cost on average £750 in May, taking a whopping 48% of the salary taken home by workers under-30, information from a survey revealed.
This is believed to be the reason many tenants are deciding to pursue house sharing. From 2007 onwards, before the beginning of the financial crisis, the number of people privately renting 1 bed properties has dropped by 3% while 4-5 bed properties has increased.
The numbers based on data provided by the Office for National Data (ONS), accounting for tax, reveal the cheapest rent like a percentage of revenue are observed within the east Midlands, where tenants are investing a third of the take home pay.
Tenancies approaching their renewal date confirmed a larger leap with rents increasing by 5.2% within the year, to on average £907 per month, in expenses.
The last decade there’s been a high escalation in the amount of tenants, due to a number of reasons including increasing home costs and it becoming increasingly tough to get a mortgage. Even though property industry seems to have slowed, there appears to be no signs of the rent costs boom slowing.