Rent rising five times faster than wages
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.