London has been named the least affordable place to rent in the UK, with tenants spending 35 per cent of their income on rent, according to new data from the Office for National Statistics (ONS). The median rent in the capital reached £1,450 per month for the financial year ending March 2022, making it the only region in the UK to exceed the ONS affordability threshold of 30 per cent.
In contrast, Yorkshire and the Humber emerged as the most affordable region in England, with median rent accounting for just 22.8 per cent of monthly household income. Across the UK, Wales was the most affordable country, with tenants spending 23.4 per cent of their income on rent, while England was the least affordable at 26.1 per cent.
The ONS also reported that private rental prices across the UK rose by 5.7 per cent in the 12 months to September 2023, up from 5.6 per cent in August. London saw the highest annual increase at 6.2 per cent, while the North East recorded the lowest at 4.7 per cent. Wales experienced a 6.9 per cent rise, and Scotland saw a 6 per cent increase over the same period.
