A year’s rent takes up all the net pay earned by full-time workers until now – the first week of May.
This Thursday, May 3, is ‘rent freedom’ day in England.
BBC News has worked out that in England, a middle-income earner would work 86 days to pay a year’s rent an average two-bedroom home – five days more than in 2011.
In Scotland, the figure is 79 days and in Wales, 71. Both figures are down from seven years ago.
Tenants in much of the north of England have also seen the number of days it takes to pay rent fall.
The sums have been done after tax and National Insurance have been deducted, and excludes weekends and bank holidays.
The BBC England Data Unit has worked out that in nearly half of local authority areas in Britain, annual rents for two bedroom properties have risen faster than the average take-home pay.
In London the cost of renting eats up 15 more days’ pay than in 2011.
In some parts of London, it takes almost 100 more working days to pay rent than is the average in England.
For example, in Newham, private tenants worked 140 days to pay rent in 2011: now it is 183 working days.
What is shocking is that 99%+ of these tenants are not having their rent recognised in their credit history! It’s time for homeowners and tenants to be treated equally.
At CreditLadder we work very hard and in conjunction with Experian to help tackle the challenges faced by rental tenants in the UK. With HM Treasury backing we hope to make a positive change by working with agents, landlords and tenants to encourage and reward on-time rental payment behaviour.
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Yes, its exactly like tax freedom day which usually falls in the first week of June. We’re all stuck with that.
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