UK rents rose twice as fast as wages

Throughout the past year, British renters have seen rents rise twice as fast as wages. At this point, there is no guarantee that rental price growth will slow down.

According to a report from property portal Zoopla, rents rose by 12.1% from September 2021 to September 2022 inclusive, while wages rose by 6% over the same period.

A Briton spends about 35% of his average salary on rent per month. This is the highest percentage ever recorded by the Zoopla website. The report also says that in London the figure is even higher, it’s 48.4%, or about 1,879 pounds sterling ($2,295).

In addition, inquiries to find an apartment or house coming to real estate agencies increased by 46% over the past 5 years. At the same time, the number of new homes on the market has hardly changed since 2015.