Proportion of income spent on rents falls leaving tenants with more money in their pocket

New research from The English Housing Survey shows the share of income spent on rents in the private sector fell in the last year. Renters spent just under a third of their income (32.9%) on rent, down from 34.3% in 2016-17.

The Government’s new Private Landlord Survey in 2018 also found 80% of landlords kept their rents the same when they most recently reviewed a tenancy.

While there have been many headlines discussing what millennials spend on rent, this latest research suggests rising wages are giving them more disposable income. Across the UK earnings rose 3.4% in the year, above the 2.15% rate of inflation and individuals in London saw their wages rise at the fastest pace in the UK.

As London is the economic powerhouse of the country, it is important to show that whilst rents aren’t as low as tenants might like them, rents are not necessarily overstretched and individuals are able to access the large jobs market in the city. The private rental sector plays a key role in ensuring strong labour mobility.

Stephen Ludlow, Chairman at ludlowthompson, says: “Not only do individuals benefit from the flexibility that renting offers, but paying market rents ensures a high standard of good quality properties. We’ve seen that consistently over the past two decades.”

“Now is a great time for young ambitious millennials to enter the rental market. Rising wages are a win-win for both landlords and tenants.”

Here is a selection of recent reviews from happy customers of ludlowthompson via Google:

-          Dee Cipher on Google Review    

“Brilliant. Jesse was very helpful in our rental property search was very informative and very personable would highly recommend. Also he was extremely patient it has been awhile that I have received excellent customer service , I would highly recommend once again.”

-          Tom Elderfieldon Google Review    

“As a first time renter, I was unsure of the process but during the viewing Alex was extremely helpful when explaining fees and then moving in process which put me at ease.”

ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews.