CCR Magazine

You are here  :Home arrow News arrow Consumer Credit News arrow Londoners need to have double salary to afford rent, compared to any other UK city
Contact Us Newsletter Signup RSS Feeds

Londoners need to have double salary to afford rent, compared to any other UK city PDF Print E-mail
Wednesday, 14 February 2018
Furnished apartment search engine, Nestpick, have released a study which reveals the minimum salary required for individuals to rent an apartment in 8 UK cities. The data details the cost of both furnished and unfurnished single-capacity apartments, standardized as 420 sq ft based on Housing Standards advice by the Greater London Authority. The principle that renters ought to pay no more than 29% of their gross earnings on rent is published in a report Loughborough University, a top UK institution. The results reveal that you must earn the highest minimum monthly salary in London to afford rent, followed by Reading and Edinburgh. Glasgow, Aberdeen and Leeds are the most affordable UK cities for renting.

“The Office for National Statistics reported that the average annual wage for a full-time worker in the UK was £28,600 in April 2017. According to our study, this means that the majority of UK cities ought to be considered affordable in terms of rent for the average person.” comments Ömer Kücükdere, Managing Director of Nestpick. “That in London you must earn £20,000 more per year than the average citizen in order to afford rent, and retain a high quality of life, is very telling of the current housing situation in the UK’s capital city. We hope that this study will highlight this disparity and perhaps encourage any fed-up Londoners to explore the many more affordable options around Great Britain, and abroad.”

These results are part of a larger study, The Furnished Apartment Index, which looks at the cost of renting both furnished and unfurnished apartments in 100 cities around the world. With professionals seeking more and more opportunities abroad, Nestpick created a resource to help expats, short-term movers and consultants find the most financially viable type of apartment to rent. For this reason, the study looks only at current asking prices for apartments, and is not indicative of the average rent paid in each city.

The research began by hand-picking 100 cities for the final index, focusing on capitals, economic centres, and large expat hubs, as well as cities with an IKEA store. By choosing a well-known furniture retailer with an international presence, the study was able to directly compare the cost of equipping an apartment with the exact same set of furniture. The study then looked at the online asking price of both furnished and unfurnished apartments in every city’s greater metropolitan area, focusing on two size classes; single-person apartments (39m2 /420 sq ft) and family apartments (74m2 /797 sq ft). These sizes are based on the Housing Standards advice published by the Greater London Authority.

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

Consumer Sponsor

This Consumer Credit News section is currently available for sponsorship.

Please click here to contact us about our site sponsorship opportunities.


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197