Do you realise how much of your income goes towards your rent each month? Studies have now shown that the people of Great Britain give 41% of their income to their landlord every single month. That may seem a lot but it is even worse for Londoners who see half of their monthly income disappear into their landlord’s pocket. Thus meaning that the most expensive place in the UK to simply have a roof over your head is London.
However, that does not mean that the rest of us in England are much better off. On average Britons get £2,266 in income every month, but they are spending on average £935 for rent. This means they spend 41% of their money for accommodation every single month.
To live in the West Midlands however, it is somewhat cheaper to rent. 28% of the income of people living in the West Midlands goes towards paying rent which is almost half the percentage of people living in London. The typical monthly income for someone living here is £2,076.67 and they pay £648 for rent, which in comparison isn’t so bad.
If you want to be much better off and have the cheapest ratio of rent to income, the best place to live in the UK is in the North East. Here, they only pay 25% of their income into their landlord's back pocket.
So, if you are worried about the percentage of money you are paying out to have a roof over your head, London isn't the best decision for you. If you love the city life, Birmingham is probably your best bet! But if you want the ultimate savings, head up to the North East to maximise your savings.
If you need anymore help on the subject, do not hesitate to ask one of our letting experts here at Glocal Residential. You can emails us at letting@glocal-residential.co.uk or give us a call on 0121 655 5188
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