UK renters are forking out up to 77% of their monthly household income simply to get by in the current UK rental market, according to the latest market analysis from Benham and Reeves.
The London lettings and estate agent analysed the cost of living within the rental market across each area of the UK based on the average monthly household income in each area, the average cost of renting in each area, as well as average costs of eight other essential household outgoings including food, clothing, utilities, medical costs, transport, education, communication and household goods and services.
The combined cost of these household outgoings and what percentage of income was required to cover them on a monthly basis was then calculated.
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