The sturdy rise in price for living in the capital

Renters in London are forced to pay more than they can afford, an average renter in London pays £100 more than they can afford.
Renting in London has been becominsturdy rise in price for living g very expensive. Flatsharers who live in capital are expected to pay £692.30 a month to rent a room. A survey shows that these people are spending extra £1,128 a year, which could be used up for their other basic cost of living, like food, transport etc., London takes the first position of being the most expensive place to rent a room. Oxford comes to the next expensive place. Prices have heaved up 13.9pc in the capital, whilst the average flatshare cost was £607.90 a month in 2012

In the UK, affordable rent is defined as payments that are no more than 35pc of net household income.

Living in London rents make up more than 30pc of average income of the median gross annual wage for people working in inner London. There are some renters who are willing to put up crowded living conditions to bring down the cost of living.

Oxford, which has been in the second position of being most expensive place to rent in Britain, has seen biggest hike up in room rents in past three years, with the prices rising 29pc.

Renters in High Wycombe, Milton Keynes and Edinburgh also say rents are affordable.

The rising cost of private rent is a divisive issue, mainly at a time when house prices continue to increase and mortgage lending has tightened.

An average first time buyer needs to earn £77,000 a year to get into a housing market in London.

Experts say that “There is an increasingly competitive property market at play – from skyrocketing housing prices to the supply/demand imbalance. This is having a palpable impact on the rental sector and flatsharers.”

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