OnTheMarket, which is beginning to undertake occasional property research, has released data identifying what proportion of tenants’ salaries are spent on rent in London.
Based on renting a one-bedroom property, Camden is the borough where tenants are spending the highest percentage of their salary on rent - 61 per cent.
For a two-bedroom home in Camden the proportion is 46 per cent and for a three bed it’s 51 per cent. A four-bedder comes in at 60 per cent.
The portal emphasises that this data does not show Camden as the most expensive London borough to rent a property - just where the highest percentage of typical salary is spent on rent.
Kingston upon Thames is where tenants spend the lowest percentage of their salary on rent across the capital.
When renting a one bed property in Kingston, the percentage spent on rent is 25 per cent; for a two bed it’s 17 per cent while a three bed is 15 per cent and a four bed just 14 per cent.
“While it’s no surprise that cost remains the most likely primary factor when considering a new home, our analysis shows some stark variations across each borough of salary percentages being spent on rent” says OTM spokesperson Vikki Bennett.
“While London rents remain high across the board, considering all available options, such as moving to a nearby borough just a few miles away, can prove to have significant cost savings” she adds.
"Hampstead, within the borough of Camden, is likely to be of high significance as to why Camden comes out with the highest percentage, due to the exceptionally high rental prices within this particular area.”
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