![\"Money-in-chains\"](\"https:\/\/www.benhams.com\/press-release\/wp-content\/uploads\/2024\/09\/60-Valencia-Tower-3-Bollinder-Plance-London-EC1V-2AP-8-1-300x200.jpg\")
The latest insight from London lettings and estate agent,
Benham and Reeves, has revealed that one in five rental properties across Britain command an average rent equal to that of the average monthly income, however, some properties require an entire year\u2019s income, or more, to rent for a single month. <\/p>\n
Benham and Reeves analysed current rental market stock* looking at asking rents and how these compare to the earnings of the average person. <\/p>\n
The research shows that the average person in Britain takes home \u00a335,481 per year – equating to \u00a32,957 per month.<\/p>\n
The analysis of current rental market stock conducted by Benham and Reeves found that more than one in five rental properties (22%) are currently listed with a monthly asking rent at, or above, that of the average monthly earnings of \u00a32,957.<\/p>\n
Almost half (47%) of London rental properties commanded an asking rent in excess of the average monthly British income, whilst the East Midlands proved to be the most affordable where just 2.5% of asking rents exceeded this benchmark of monthly income. <\/p>\n
Believe it or not, there are some rental properties that command an average monthly asking rent at, or above, the \u00a335,000 threshold of the average annual income in Britain. <\/p>\n
Granted, they only account for 0.3% of all current rental listings, but this still amounts to no less than 289 properties currently up for rent. <\/p>\n
These super prime lets are almost exclusively located in London, with the capital accounting for 96% of them, although there are a few scattered across the South East (2.4%), North West (1%) and South West (0.3%). <\/p>\n
When it comes to London\u2019s super prime rental market, these very top end rental properties are located across just 11 boroughs. <\/p>\n
Westminster is home to the highest volume of London\u2019s super prime lets at 160, with these properties accounting for 3.3% of all Westminster rental listings. <\/p>\n
Kensington and Chelsea sits second at 80, with other boroughs home to super prime rental listings including, Camden (14), Barnet (13), Brent (3) and Hounslow (2), whilst the City of London, Haringey, Islington and Southwark also boast one super prime let each. <\/p>\n
Director of Benham and Reeves, Marc von Grundherr, commented:<\/strong><\/p>\n \u201cRents have soared in recent times and our research demonstrates just how tough it is for the average person, with one in five rental properties commanding asking rents that require an entire month\u2019s income or more. <\/p>\n Unfortunately, there\u2019s no end in sight when it comes to the rental crisis and this is largely due to the fact that we simply don\u2019t have an adequate level of stock to meet demand – an issue our new Labour government seems set on exacerbating. <\/p>\n As a result, we\u2019re seeing properties let at pace, often before they\u2019ve even reached the market, with numerous tenants all fighting it out for a single property, which, of course, drives prices ever higher. <\/p>\n If we don\u2019t incentivise landlords to invest into the buy-to-let sector in order to address the imbalance of supply and demand then who knows, we might all be looking at a monthly rent of thirty odd thousand pounds a month before too long.\u201d<\/p>\n <\/p>\n <\/p>\n <\/p>\n The latest insight from London lettings and estate agent, Benham and Reeves, has revealed that one in five rental properties across Britain command an average rent equal to that of the average monthly income, however, some properties require an entire year\u2019s income, or more, to rent for a single month. Benham and Reeves analysed current … <\/p>\n\n Current rental market listings sourced from Rightmove and correct as of 10th September 2024
\n Average earnings sourced from the Office for National Statistics
\n Average GB salary (2023 latest) \u00a335,481 per year, \u00a32,957 per month\n<\/div>\n\n\n\n
\n Table shows the number of current rental listings and what proportion are listed with an asking rent at or above the current monthly income of \u00a32,957 <\/th>\n<\/tr>\n \n Location<\/td>\n Total available rental listings<\/td>\n Available rental listings – above average UK salary<\/td>\n Proportion %<\/td>\n<\/tr>\n \n London<\/td>\n 35,508<\/td>\n 16,816<\/td>\n 47.4%<\/td>\n<\/tr>\n \n South East<\/td>\n 10,652<\/td>\n 1,476<\/td>\n 13.9%<\/td>\n<\/tr>\n \n South West<\/td>\n 5,071<\/td>\n 445<\/td>\n 8.8%<\/td>\n<\/tr>\n \n Yorkshire and the Humber<\/td>\n 5,195<\/td>\n 308<\/td>\n 5.9%<\/td>\n<\/tr>\n \n Scotland<\/td>\n 2,546<\/td>\n 148<\/td>\n 5.8%<\/td>\n<\/tr>\n \n West Midlands region<\/td>\n 6,671<\/td>\n 360<\/td>\n 5.4%<\/td>\n<\/tr>\n \n East of England<\/td>\n 5,641<\/td>\n 293<\/td>\n 5.2%<\/td>\n<\/tr>\n \n North West<\/td>\n 7,871<\/td>\n 292<\/td>\n 3.7%<\/td>\n<\/tr>\n \n Wales<\/td>\n 1,736<\/td>\n 61<\/td>\n 3.5%<\/td>\n<\/tr>\n \n North East<\/td>\n 2,628<\/td>\n 84<\/td>\n 3.2%<\/td>\n<\/tr>\n \n East Midlands<\/td>\n 9,419<\/td>\n 237<\/td>\n 2.5%<\/td>\n<\/tr>\n \n England<\/strong><\/td>\n 80,891<\/strong><\/td>\n 20,199<\/strong><\/td>\n 25.0%<\/strong><\/td>\n<\/tr>\n \n Great Britain<\/strong><\/td>\n 92,938<\/strong><\/td>\n 20,520<\/strong><\/td>\n 22.1%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n \n\n\n
\n Table shows the number of current rental listings and what proportion are listed with an asking rent at or above the current annual income of \u00a335,481<\/th>\n<\/tr>\n \n Location<\/td>\n Total available rental listings<\/td>\n Available rental listings – above average salary<\/td>\n Proportion of total above salary listings %<\/td>\n<\/tr>\n \n London<\/td>\n 35,508<\/td>\n 278<\/td>\n 96.2%<\/td>\n<\/tr>\n \n South East<\/td>\n 10,652<\/td>\n 7<\/td>\n 2.4%<\/td>\n<\/tr>\n \n North West<\/td>\n 7,871<\/td>\n 3<\/td>\n 1.0%<\/td>\n<\/tr>\n \n South West<\/td>\n 5,071<\/td>\n 1<\/td>\n 0.3%<\/td>\n<\/tr>\n \n East Midlands<\/td>\n 9,419<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n East of England<\/td>\n 5,641<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n North East<\/td>\n 2,628<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n West Midlands region<\/td>\n 6,671<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n Yorkshire and the Humber<\/td>\n 5,195<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n Wales<\/td>\n 1,736<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n Scotland<\/td>\n 2,546<\/td>\n 0<\/td>\n 0.0%<\/td>\n<\/tr>\n \n England<\/strong><\/td>\n 88,656<\/strong><\/td>\n 289<\/strong><\/td>\n 100.0%<\/strong><\/td>\n<\/tr>\n \n Great Britain<\/strong><\/td>\n 92,938<\/strong><\/td>\n 289<\/strong><\/td>\n 100.0%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n \n\n\n
\n \n Table shows the number of current rental listings and what proportion are listed with an asking rent pm at or above the current annual income of \u00a335,481<\/th>\n<\/tr>\n \n Location<\/td>\n Total available rental listings<\/td>\n Available rental listings – above average salary<\/td>\n<\/tr>\n \n Westminster<\/td>\n 4,822<\/td>\n 160<\/td>\n<\/tr>\n \n Kensington and Chelsea<\/td>\n 3,821<\/td>\n 80<\/td>\n<\/tr>\n \n Camden<\/td>\n 2,381<\/td>\n 14<\/td>\n<\/tr>\n \n Barnet<\/td>\n 1,315<\/td>\n 13<\/td>\n<\/tr>\n \n Brent<\/td>\n 1,105<\/td>\n 3<\/td>\n<\/tr>\n \n Hounslow<\/td>\n 769<\/td>\n 2<\/td>\n<\/tr>\n \n Hammersmith and Fulham<\/td>\n 1,655<\/td>\n 2<\/td>\n<\/tr>\n \n City of London<\/td>\n 219<\/td>\n 1<\/td>\n<\/tr>\n \n Haringey<\/td>\n 691<\/td>\n 1<\/td>\n<\/tr>\n \n Islington<\/td>\n 1,194<\/td>\n 1<\/td>\n<\/tr>\n \n Southwark<\/td>\n 1,481<\/td>\n 1<\/td>\n<\/tr>\n \n Barking and Dagenham<\/td>\n 230<\/td>\n 0<\/td>\n<\/tr>\n \n Bexley<\/td>\n 184<\/td>\n 0<\/td>\n<\/tr>\n \n Bromley<\/td>\n 358<\/td>\n 0<\/td>\n<\/tr>\n \n Croydon<\/td>\n 754<\/td>\n 0<\/td>\n<\/tr>\n \n Ealing<\/td>\n 1,003<\/td>\n 0<\/td>\n<\/tr>\n \n Enfield<\/td>\n 403<\/td>\n 0<\/td>\n<\/tr>\n \n Greenwich<\/td>\n 805<\/td>\n 0<\/td>\n<\/tr>\n \n Hackney<\/td>\n 879<\/td>\n 0<\/td>\n<\/tr>\n \n Harrow<\/td>\n 566<\/td>\n 0<\/td>\n<\/tr>\n \n Havering<\/td>\n 215<\/td>\n 0<\/td>\n<\/tr>\n \n Hillingdon<\/td>\n 499<\/td>\n 0<\/td>\n<\/tr>\n \n Kingston upon Thames<\/td>\n 505<\/td>\n 0<\/td>\n<\/tr>\n \n Lambeth<\/td>\n 1,268<\/td>\n 0<\/td>\n<\/tr>\n \n Lewisham<\/td>\n 679<\/td>\n 0<\/td>\n<\/tr>\n \n Merton<\/td>\n 564<\/td>\n 0<\/td>\n<\/tr>\n \n Newham<\/td>\n 912<\/td>\n 0<\/td>\n<\/tr>\n \n Redbridge<\/td>\n 337<\/td>\n 0<\/td>\n<\/tr>\n \n Richmond upon Thames<\/td>\n 691<\/td>\n 0<\/td>\n<\/tr>\n \n Sutton<\/td>\n 259<\/td>\n 0<\/td>\n<\/tr>\n \n Tower Hamlets<\/td>\n 2,768<\/td>\n 0<\/td>\n<\/tr>\n \n Waltham Forest<\/td>\n 275<\/td>\n 0<\/td>\n<\/tr>\n \n Wandsworth<\/td>\n 1,901<\/td>\n 0<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n \n<\/div>\n","protected":false},"excerpt":{"rendered":"