London rents 'more than double' those in the North East
rentImage: rent via Shutterstock
Tenants in Greater London are paying two-and-a-half times more rent than those in the North East according to the February 2013 HomeLet Rental Index of the private sector.
The Index also shows:
- The average cost of renting a home in the capital increased by 7.3 percent - more than any other region - over the past year to £1,242 per month.
- In contrast, average rents in the North East (the region with the lowest average rents) decreased by 3.3 percent over the past year to £505 per month.
- The difference between renting a home in Greater London and the rest of the UK is now 89.9 percent - the highest on record.
- Wales saw the largest annual decrease after rents dropped by 6.6 percent to £542 per month.
The Index shows tenants in Greater London currently earn an average of £37,000 per annum, almost 65 percent more than those in the North East whose annual income is £23,600.
Ian Fraser, HomeLet’s Managing Director, said: "There is a clear North/South divide within the lettings industry with regards to rental amounts and tenant income. This month’s HomeLet Rental Index data shows an average tenant renting on their own in the North East pays around 27 percent of their income towards rent. In contrast, the average rent for a tenant in Greater London would account for a substantial 40 percent of their income.”
HomeLet is one of the UK’s largest suppliers of tenant referencing to the lettings industry.