A recent study by the BBC has revealed how property in certain areas across the UK are so expensive to rent, that it’s costing a third of an individual’s average salary just to have a room of their own.
The study has shown how the average rent of a one-bed property in London and Greater London costs more than 30% of the median take-home salary for the city.
Shockingly, renting a studio flat exceeds 30% of take-home pay in every London borough except Bexley. The cost of a studio exceeds £1000 a month in Camden, Hackney, Islington and Kensington and Chelsea to name a few, making private living seem completely unattainable.
Furthermore, renting a room in a house or flat in 15 of London’s 32 boroughs also swallows up more than 30% of an average salary, despite the average London salary now being in excess of £30,000.
In comparison to these costs, securing a mortgage and buying a property is a lot cheaper, especially now that interest rates have been slashed to 0.25% by the Bank of England.
Many London properties are simply too expensive for first-time buyers, with an average first-time buyer mortgage coming in at £95,000. However, that is where Inspired Homes plays a crucial part in the market.
We build beautiful apartments which benefit from communal areas, yet prices start at just under £200,000. We also have help to buy in place, which means that you could own a London property this year with just a 5% deposit.
To find out more about our apartments, please call the team on 0208 688 6552