Editor's note: This brief was summarised by The Property AI Team from a report by PropertyWire. Read the original article for full details.
UK Tenants Now Spend 32.7% of Income on Rent as Prices Rise
Tenants in the UK are now spending 32.7% of their annual income on rent, according to new research from Lomond. PropertyWire reports that average monthly rents have reached £1,369, reflecting a 4.3% year-on-year increase.
The data highlights a continued upward trend in the UK rental market. This information is relevant for letting agents and inventory clerks monitoring rental affordability and market changes.
Source: PropertyWire