Rental properties in London are more affordable despite the ongoing housing crisis, new figures show. A housing and homelessness charity said private renting in England "has reached boiling point", and urged the Government to address soaring rent prices.
But Office for National Statistics figures show private renting households across the country actually spent a smaller proportion of their gross income on rent in 2022-23 than in any year since records began in 2014-15. The figures show the average private renting household in London spent 39.8 per cent of their gross income on rent in 2022-23 – down from 41.8 per cent in 2021-22.
Nationally, the proportion of gross income private-renting households spent on rent fell from 36.5 per cent to 34.2 per cent. This is because, although private rents have risen significantly since 2015, wages have outstripped rent increases.
The median is used to exclude extreme values which could skew the average, and an area is deemed "affordable" when households spend 30 per cent or less of their income on rent. It means private rental properties nationwide are deemed unaffordable at current rates, including in London.
