The London factor...
HOW much do you spend on your monthly rent? And if you're no longer a renter, how much did you pay the last time you had a landlord?
Unless it was a very long time ago, it was certainly more than you wished you had. So spare a thought for those who rent now.
That's because the latest FindaProperty.com Rental Index reveals the cost of renting a flat has reached an all-time high. Rental asking prices for studio flats have increased by nearly seven per cent in the past year to reach an average £718 a month, while one-bedroom flats increased by 2.5 per cent to a record £660 per month.
Overall, asking rents have increased in the first quarter of 2012 and are now at £868 per month.
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But it's the proportion of take-home income spent on letting a home that brings the renting story to life.
Tenants are now spending on average 38 per cent, or £10,416, of their typical £27,242 net salary on rent. In London, it's even more – households spend 71 per cent, or £25, 824, of their average £36,384 net income on paying rent. That means the average household in London spends nearly as much on their rent in a year as the average UK household takes home as income.
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