Rent rising five times faster than wages

17 May 2013

housemoney As the headline points out, rent is rising nearly five times faster than wages according to a report. The average rent in England and Wales has risen to £736 per month (up 3.9% on last year), so say the owner of Britain's biggest lettings agencies.

With the Office for National Statistics noting that the average worker is getting a pay rise of just 0.8 per cent, it shows something of a toxic disparity in wages and rent.

In London, average rent has shot-up by an eye-watering 7.6%.

David Newnes, director of LSL Property Services (owners of Your Move and Reeds Rain) said tenants are having a nightmare because wages are "seriously under water," adding: "Rents everywhere are higher than a year ago at a time when pay has crept up at the slowest rate in years."

With energy bills rising by an appalling rate, the situation is pretty bleak indeed. Of course, if anyone is attempting to save for a deposit so they can buy their own house, they're looking rather screwed at the moment.

TOPICS:   Economy   Mortgages


  • whatever
    Every last penny getting screwed out of the public. Anyone want to do anything about it? No? Ok then.
  • chewbacca
    Rent? These people sort themselves out and own their own property. Or a few more. No sympathy for these people who can't afford a deposit to buy their own house - I managed easy enough; get better jobs. Oh yeah, just for all my fans, 'Utter fucking morons'. (I love me BTW)
  • Sicknote
    Agree with chewbacca here - I own several residential properties and my lovely tenants are happily paying my mortgage and helping to build my pension. Happy days are here again.
  • Why h.
    Get a better job. Yeah, I'll just pluck a new job from the fucking job tree that will pay me double! What a wonderfucking idea.
  • klingelton
    there will be a snap at some point. Wages aren't going to keep pace with the cost of living, so eventually something will give.
  • Another B.
    Porsche or Ferrari? Its a big worry.
  • Han S.
    I agree with Chewy here, although the Millenium Falcon cost a bomb to put a deposit on.
  • Aspirational N.
    I would imagine that Chewbacca lives on the equivalent of 'The Chatsworth Estate' or that slum in the Channel 4 show 'Skint'.

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