New data from OnTheMarket.com has shown that those renting in London, Camden is the borough are spending the highest percentage of their salary on rent.
- The analysis has revealed that when renting a one bedroom property in Camden, 61% (£1,944.28) of the average person’s salary within the borough is spent on rental costs, for a two bed the percentage is 46% (£1,471.05).
- The average gross salary of a person living in Camden is £3,181.17 per month, regardless of where they work.
Vikki Bennett, spokesperson for OnTheMarket.com: “Costs within the London rental market have been driven-up in recent years as first-time buyers have battled to enter the housing market and second-steppers have struggled to trade-up while prices have risen.
While it’s no surprise that cost remains the most likely primary factor when considering a new home, our analysis shows some stark variations across each borough of salary percentages being spent on rent. So while London rents remain high across the board, considering all available options, such as moving to a nearby borough just a few miles away, can prove to have significant cost savings.
Hampstead, within the borough of Camden, is likely to be of high significance as to why Camden comes out with the highest percentage, due to the exceptionally high rental prices within this particular area.”