Millennials living in a one-bed flat spend 70pc of their income on rent (but London housing costs are falling)

 
Emma Haslett
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Millennials are paying through the nose to live in one-beds (Source: Getty)

If you're young and want to live by yourself, expect to pay through the nose for the privilege: new figures have suggested those aged between 18 and 39 who are living in a one-bed flat spend 69 per cent of their salaries on rent.

Landbay's rental index showed millennials living in three-bed homes spend 30 per cent of their pay, or £1,322, on rent, while those in two-beds spend 39 per cent, or £1,153. For a one-bed that figure is a whopping £1,447.

Average rents increased 0.8 per cent across the UK in the year to April to an £1,191, the figures showed, rising 0.04 per cent between March and April.

In the capital, average rents fell 0.8 per cent year on year, albeit to an average of £1,878. A one-bed in the capital will now set the average Londoner back £1,450 a month, with a three-bed costing £2,682.


Source: SpareRoom.com

Figures published in March by the Royal Institution of Chartered Surveyors showed rents for those on lower incomes are likely to rise 20 per cent in the next five years, while house prices rise by just 18 per cent. In London that rise will be lower, at 15 per cent.

“Despite the multitude of measures introduced with the aim of encouraging first time home ownership, such as Help to Buy and Shared Ownership schemes, young people make up a significant proportion of the 4.3m people currently renting across the UK, few with the means to save for the sizeable deposit needed to get on the housing ladder, while also saving for their future," said John Goodall, chief executive of Landbay

"The cost of renting a property remains a huge burden, especially in London where average rents are significantly more expensive than the rest of the country. Is it any wonder that this generation are having to turn to the Bank of Mum and Dad for help?"

Read more: This is the only part of the UK where rents fell last month

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