What chance do younger generations have, when rents are so high?
In 1975, I rented the top half of a house for the princely sum of £5 per week, which was around 25% of my gross weekly wage. Bear in mind that I was under 21 years old, so didn’t receive the full adult wage for the job I was doing, but I could still afford to rent some rooms and live quite comfortably, when my wife’s wage was included.
The Office of National Statistics say that, in March 2022, the average “regular” pay was £558 per week, which means that they are basing their figures on a basic annual wage of around £29,000.
An annual wage of £29k, presuming a 35 hour working week, puts the hourly rate of pay as £15.94, which is way above the actual minimum hourly wage rate, that is set at £9.50.
So someone on £9.50 per hour, working 35 hours, would earn £332.50 per week, gross.
Average rent per week, outside of London and based on the below figures, would be £260, which is in the region of 78% of the average weekly wage, based on the minimum wage.
Rents are rising quicker than inflation, as a result of a shortage of housing stock, which means, IMO, that we need a government that is brave enough to run with a policy of building a million plus new, affordable homes for the rental market, a government that will reverse the the law that allows social housing to be sold off and a government that will impose stricter rules on landlords with regards to the standard of the property being rented and the amount they can charge in rents.
With so many MPs being landlords, I can’t see my wish being enacted any time soon.
THE average rent asked across Britain, excluding London, has hit a record of £1,126 per month.
Property website Rightmove says the figure is 12% up from a year earlier and 19%, or £177 a month, up from before the pandemic.
Asking rents in London have surged 16% in the last year, pushing the average to a record £2,257 a month.
Rental stock is down 26% on last year while demand is up by 6% although there have been signs of improvement. Rightmove’s Tim Bannister said: “The gap created over the last two years will take time to narrow.”
In 1975, I rented the top half of a house for the princely sum of £5 per week, which was around 25% of my gross weekly wage. Bear in mind that I was under 21 years old, so didn’t receive the full adult wage for the job I was doing, but I could still afford to rent some rooms and live quite comfortably, when my wife’s wage was included.
The Office of National Statistics say that, in March 2022, the average “regular” pay was £558 per week, which means that they are basing their figures on a basic annual wage of around £29,000.
An annual wage of £29k, presuming a 35 hour working week, puts the hourly rate of pay as £15.94, which is way above the actual minimum hourly wage rate, that is set at £9.50.
So someone on £9.50 per hour, working 35 hours, would earn £332.50 per week, gross.
Average rent per week, outside of London and based on the below figures, would be £260, which is in the region of 78% of the average weekly wage, based on the minimum wage.
Rents are rising quicker than inflation, as a result of a shortage of housing stock, which means, IMO, that we need a government that is brave enough to run with a policy of building a million plus new, affordable homes for the rental market, a government that will reverse the the law that allows social housing to be sold off and a government that will impose stricter rules on landlords with regards to the standard of the property being rented and the amount they can charge in rents.
With so many MPs being landlords, I can’t see my wish being enacted any time soon.
THE average rent asked across Britain, excluding London, has hit a record of £1,126 per month.
Property website Rightmove says the figure is 12% up from a year earlier and 19%, or £177 a month, up from before the pandemic.
Asking rents in London have surged 16% in the last year, pushing the average to a record £2,257 a month.
Rental stock is down 26% on last year while demand is up by 6% although there have been signs of improvement. Rightmove’s Tim Bannister said: “The gap created over the last two years will take time to narrow.”