Cost of renting one bed property soars in UK
The Guardian Property for sale in Peckham, south London. Renters in London are typically handing over 57% of their pay.
The cost of renting a one-bedroom property in the UK has risen to swallow almost half of the average young worker’s take-home pay, according to figures, while those living in London are typically handing over 57% of their monthly wages.
The average cost of a new tenancy on a one-bedroom home hit £746 a month in May, taking up 48% of the take-home pay of a worker aged under 30, data from property firm Countrywide showed.
In London, the average rent on a one-bed property was £1,133 in May, Countrywide said. Rising rents had outstripped growth in earnings to such an extent in the capital that since 2007 the proportion of take-home pay used to meet the cost h...