10:32 AM, 10th August 2016, About 5 years ago
The most expensive rental areas across England have been revealed in a new study.
Figures published by the Office for National Statistics have revealed that renters now spend more than a third of their disposable income on rent.
London unsurprisingly comes out on top when it comes to the most expensive hot spots.
A tenant would spend more than half their disposable income on a one bedroom property in 24 London boroughs and the City of London.
In addition, the average cost of renting just a room in a flat or a house in London is now at £607 per month, which exceeds the £424 that it costs across the South East.
Many of the 142 areas where the average rent for a one bedroom property was higher than 30% of average wages were located in London and the South East.
The only areas to feature in the north of England were Manchester, Salford and York.
“Although high rents are good news for landlords and their rental income, landlords must be aware that not all tenants will be able to cope with gradually increasing rents. It is important for landlords to protect themselves against defaulting tenants with Rent & Legal Protection,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
Nottingham, Northampton, Warwickshire, Stratford upon Avon, Redditch, Warwick and Birmingham are also areas where the rental cost of a one bedroom property exceeds 30% of disposable income.
The most expensive places to rent a room in the South East, excluding London, include the majority of Surrey, Oxfordshire and Tunbridge Wells in Kent.
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