In UK, young tenants spend a third of income on rent: Hamptons Int’l

Tenants in their 20s across Britain spent some 34 percent of their pre-tax income on rent in the year to date, Hamptons International, London-based estate and letting agent has said.

Hamptons International’s “Monthly Lettings Index” showed that Brighton was the least affordable city in United Kingdom, with room rents accounting for 35 percent of tenants’ pre-tax income. London ranked second with 34 percent.

Portsmouth reported the strongest rental growth, with an average 7.0 percent increase year-on-year.

Researchers found that the average rent of a newly let property rose to 998 British pounds (1,240 U.S. dollars) per month in August, a 2.3 percent increase over the same period a year earlier.

Aneisha Beveridge, head of research at Hamptons International, said: “Tenants in their 20s spend a third of their pre-tax income on room rents in Great Britain. Yet the cost of trading up to rent a one-bed would take up nearly half of their earnings.

“With its large student population putting pressure on rental accommodation, Brighton is the most unaffordable city to rent a room in Great Britain. London follows in second place,” Beveridge said.

“The South East and South West recorded the strongest rental growth. Meanwhile, Scotland, Wales and the Midlands posted rental falls,” Beveridge added. (1 British pound = 1.24 U.S. dollars)