A new study has revealed that London is the second most expensive city in which to rent a property in the world.
The English capital stands only behind San Francisco in the expense stakes, according to a new report from Barratt London.
Tenants in the capital are now paying on average, half of their monthly salary to rent a one-bedroom flat. On average, the price of this kind of accommodation in London is £1,250pcm.
Despite this falling below the £2,532 seen in New York and £1,558 in Sydney, Londoners are paying more based on average salary and average rental prices. Typically, Londoners spend 45% of their wages on rent, second only to the 47% paid by those in San Francisco.
A Barratt London spokesman said: ‘Rental prices in London continue to demand too much of the occupier, to the extent of almost half of their monthly pay cheque. Renting must remain a viable option for those looking to move home, but residents might want to consider a buying market that offers plenty of incentives for first-timers.’
London is the second most expensive city in which to rent in the world
‘The London Help to Buy scheme, for example, is helping first-time buyers get on the property ladder more affordably, with just a 5% deposit and an equity loan that is interest-free for the first five years,’ the spokesperson added.