London tenancies are least affordable

Mortgage Introducer

August 5, 2015

The least affordable area of all was in Westminster, where private renting is the equivalent to 78% of typical earnings.

The most affordable London borough was Bexley, where rent equals 40% of monthly salaries, while in England and Wales the most affordable area was in Copeland in Cumbria, where rents make up 22% of earnings.

In terms of house prices Westminster again led the way, where prices were 24 times greater than the gross annual salary.

The bottom 10% of earners spent 73% of their weekly pay on social rent in 2014, an increase from 56% in 2002.

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