Renting is worse than ever in England
(MENAFN) According to official figures, renters in England are now allocating more than a third of their income to housing, with major cities such as London, Bristol, and Brighton becoming increasingly unaffordable.
Data from the Office for National Statistics (ONS) showed that in 2024, individuals on a median income spent an average of 36.3% of their earnings on rent for a typical home. This surpasses the ONS’s affordability benchmark of 30%.
The share of income going toward rent also rose compared to 2023, when tenants spent 33.1% of their household income on housing.
London remained the least affordable rental market, with tenants spending 41.6% of their income on rent in 2024. This kept England’s overall affordability ratio above the 30% threshold, even though most regions outside the capital were below it.
The North East was the most affordable region, with average rents at £641 ($868) per month, equal to 19.8% of renter household income. It was followed by the East Midlands and Yorkshire and the Humber as the next most affordable areas.
The rise in rents has been fueled by a combination of factors, including demand outpacing supply, changes in living and working patterns after the pandemic, and landlords passing on higher costs linked to rising interest rates.
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