News
Rented homes soak up half the pay packet.
Oct 19, 2011
Generation rent is spending nearly half its salary putting a roof over its head, according to a new survey.
FindaProperty.com said that its latest Rental Index showed that average monthly rents hit a record £890 in the third quarter while average household earnings were £1,924.
The online property website said that landlords had raised their asking prices every month this year, pushing rents up by 4.6 per cent since September last year.
People living in London spend about three quarters of their income on rent, while a mortgage is not deemed affordable if repayments are more than a third of income.
Source : The Times page 46 - 19.10.11. Also reported in The Independent page 1.
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Select Mortgages Solutions,
Regents Pavillion,
4 Summerhouse Road,
Northampton,
NN3 6BJ
Tel: 0845 22 42 162
Email: info@selectms.co.uk
SOL 504
Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Services Authority.
Regents Pavillion,
4 Summerhouse Road,
Northampton,
NN3 6BJ
Tel: 0845 22 42 162
Email: info@selectms.co.uk
SOL 504
Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Services Authority.
