It has been revealed that tenants renting property within the London borough of Kingston upon Thames are paying the lowest portion of their salary on rental payments. The new research has been collected by OnTheMarket.com, and has discovered that when renting a single bedroom property in Kingston upon Thames, an average rent of £1,099.15, which is approximately 25 percent of the average worker’s salary in the borough, is allocated to rental costs. A share of a two-bedroom property in Kingston works out at £740.65, or 17 percent, on average, with a three-bedroom at £648.55, or 15 percent, and four-bedroom at £627.40, or 14 percent.
Kingston upon Thames is an attractive location to rent for many, nestled between two large Royal Parks on the River Thames, and offering many amenities such as beautiful parkland, leafy walks and great shopping. Many commuters choose to rent property here, as it is also cheaper than bordering boroughs such as Richmond.
In contrast to Kingston upon Thames, tenants located in the borough of Camden pay the highest portion of their salary on rental payments, at 61 percent. According to the research, a one-bedroom flat located in Camden, on average, will cost a tenant £1,944.28 each month, which equals 61 percent of the average resident’s salary in the borough. For a share of a two-bedroom property, the rent would be £1,471.05, which works out at 46 percent of the average salary. A three-bedroom home costs £1,614.44, or 51 percent, and a four-bedroom home is £1,911.65, or 60 percent. The high rental prices in the borough of Camden are likely due to Hampstead being located within the area, as this location is both particularly popular and expensive.
A spokesperson for OnTheMarket, Vikki Bennett, explained that rental costs within the London market have driven up prices in recent years, with first-time buyers battling to get onto the housing ladder. Second steppers have also struggled to trade up on their homes as prices have risen steeply. It is no surprise that price remains the most common primary factor when people are considering moving to a new home, and the research has emphasised that there are some large variations across the boroughs of London in percentages of salary being spent on rent. With London remaining an expensive location to rent across the board, it is surprising to see that a nearby borough, only a few miles away, could provide significant cost savings to tenants.
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