Wales named as most affordable region in the UK to rent a home
Wales is the most affordable region in the UK for renting a property and London the most unaffordable, according to new research which looks at the percentage of income going on rent.
In the UK as a whole it is 34%, but in Wales it is lower at 30%, while in England it is 42%, in Scotland 39% and in Northern Ireland 35%, according to the analysis of official data by lettings platform Howsy.
In London the average rent takes up 65% of the average salary and even the most affordable locations to rent in the capital are still above the UK average but Bromley and Bexley offer the best pick with the average rental cost accounting for 46% of the average salary.
The North East is the most affordable region after Wales with 31% of income spent on rent, followed by Yorkshire and the Humber and the North West, both on 33%, then the East Midlands on 34%.
On a local level, East Renfrewshire in Scotland is the UK’s best rental market for tenants with the average rental cost of £584 a month accounting for just 23% of the average wage of £2,509.
Copeland is the second most affordable with just a quarter of the average wage spent on renting, along with Rhondda Cynon Taf and Pendle. Hartlepool and Darlington trail marginally behind with 26% of income spent on rent, while Allerdale, Carmarthenshire, Barnsley, and Country Durham are home to a rental cost accounting for 27% of the average income.
Hackney is the least tenant friendly with 83% of the average salary in the borough spent on renting. While London does account for 70% of the top 10 least affordable, Oxford at 70%, Brighton at 66% and Elmbridge also at 66% also make the list.
‘We tend to put a lot of focus on the negatives of the UK lettings market but while top-line affordability may be an issue for many, there are plenty of areas where renting isn’t such a financial burden,’ said Calum Brannan, chief executive officer of Howsy.
‘We wanted to highlight the diversity of the UK rental sector and reassure those looking to rent that there are plenty of relative pockets of affordability across the nation,’ he added.