Forget London, Oxford is the UK’s worst place to rent

The latest data on the cost of renting from the Office for National Statistics was released last week showing that rents in England have increased to their highest level on record.

While the average rent in London is double that of the national average, the latest research by lettings and estate agent Barrows and Forrester has found that London isn’t the least affordable rental market when it comes to rent as a percentage of income.

Based on the latest data, their research shows that the average UK tenant is spending 47% of their monthly net income (£2,039) to cover the average cost of £959 in rent.

At a regional UK level, tenants in London are paying the most, with 62% of the average London salary required to cover the monthly cost of renting. In contrast, tenants in Wales and the South East are paying less than half that (30%).

However, when breaking the UK down on a local level London takes a back seat to Oxford where the issue of rental affordability is concerned.

With a monthly net salary of £1,946 and rental costs coming in at an average of £1,588 per month, tenants in Oxford are spending 82% of their monthly income on renting.

There are a further 17 areas of the UK where the average rent accounts for 60% or more of the average monthly income, with the capital accounting for 14 of these least affordable rental markets.

Hackney is the least affordable of all London boroughs and second least affordable behind Oxford, with 78% of the average income spent on rent.

Outside of London, Exeter (67%) Brighton and Hove (66%) and Epping Forest (60%) also make the list of least affordable rental markets.

Location
Average rent (pm)
Net salary (pm)
Rent as % of net salary
London
£1,644
£2,639
62%
South East
£999
£2,251
44%
South West
£818
£1,866
44%
East of England
£862
£2,124
41%
Scotland
£748
£1,944
38%
West Midlands
£671
£1,894
35%
Northern Ireland
£627
£1,798
35%
East Midlands
£639
£1,884
34%
Yorkshire and the Humber
£614
£1,831
34%
North West
£629
£1,885
33%
North East
£542
£1,799
30%
Wales
£539
£1,792
30%
United Kingdom
£959
£2,039
47%
Least affordable rental markets
Location
Average rent (pm)
Net salary (pm)
Rent as % of net salary
Oxford
£1,588
£1,946
82%
Hackney
£1,842
£2,360
78%
Westminster
£3,046
£4,038
75%
Lambeth
£1,908
£2,565
74%
Newham
£1,453
£2,007
72%
Haringey
£1,669
£2,350
71%
Camden
£2,302
£3,387
68%
Brent
£1,502
£2,217
68%
Exeter
£1,201
£1,801
67%
Barking and Dagenham
£1,208
£1,816
67%
Brighton and Hove
£1,360
£2,054
66%
Hammersmith and Fulham
£2,117
£3,209
66%
Ealing
£1,569
£2,431
65%
Southwark
£1,718
£2,717
63%
Islington
£2,003
£3,195
63%
Enfield
£1,292
£2,114.96
61%
Epping Forest
£1,369
£2,261.61
61%
Barnet
£1,499
£2,498.08
60%
Least affordable rental markets excluding London
Location
Average rent (pm)
Net salary (pm)
Rent as % of net salary
Oxford
£1,588
£1,946
82%
Exeter
£1,201
£1,801
67%
Brighton and Hove
£1,360
£2,054
66%
Epping Forest
£1,369
£2,262
61%
Bath and North East Somerset
£1,223
£2,050
60%
Bristol
£1,175
£1,974
60%
Midlothian
£1,084
£1,887
57%
Cambridge
£1,250
£2,186
57%
East Lothian
£1,084
£1,949
56%
Three Rivers
£1,280
£2,347
55%
Mole Valley
£1,268
£2,327
54%
West Oxfordshire
£1,108
£2,038
54%
Harlow
£1,006
£1,853
54%
Crawley
£1,004
£1,856
54%
Chiltern
£1,455
£2,744
53%

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Breaking News

A third of UK homes for sale are ‘chain-free’ reports Zoopla

Recent tax changes and incoming council tax premiums for second homes have unsettled property investors and second homeowners with some now looking to sell One week on from the Autumn budget, buyer enquiries for homes that are chain-free are 33 per cent higher compared to those not advertised as chain-free 41 per cent of two…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker 06/11/24

The average 5-year fixed mortgage rate is now 4.66%, down from 5.33% a year ago The average 2-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago The average monthly mortgage payment on a…
Read More
Overseas Property

Top reasons to consider buying a luxury villa in Phuket Thailand

Those who have worked hard for many years are often looking for ways to invest their cash so that they can enjoy life to the max in their advancing years. Some might decide to dabble in the stock market or insurance policies to enhance their savings, while others might look to purchase something more physical…
Read More
How to add value to your home
Estate Agent Talk

5 Top Tips for Running a Business From Home

Have you ever wanted to start and run your own business from home? Although it’s an incredibly rewarding experience, it can be tough to set up and know where to start, especially if you have no business experience or background! Whether you want to run a small business, or have grand ambitions for eventual expansion,…
Read More
Estate Agent Talk

The Importance of Time Management for Real Estate Investors

Time is one of the most valuable assets for real estate investors, especially when juggling multiple projects, clients, and market trends. Without a strong grip on time management, getting bogged down in tasks that don’t drive growth is easy. You see, every minute spent on admin tasks or low-value activities is a minute that could…
Read More
Estate Agent Talk

Transforming Your Condo into a Next-Gen Smart Home Experience

Gone are the days when we must get up to press a button on the TV to adjust the volume, use actual keys to unlock doorknobs, or turn a knob to control the air conditioning unit's thermostat. These days, all we have to do is sit pretty on our couches, let technology do its work,…
Read More