A TYPICAL British tenant will today have earned enough money so far this year to pay their rent – though Londoners will have to wait until July before they can celebrate rent freedom day.
At 132 days into the year, a UK renter works the equivalent of more than a month longer than a homeowner with a mortgage before they have covered the cost of their property, according to figures compiled by Halifax.
Paying for housing takes up an even larger portion of the working year for Londoners, and the time spent earning rent is getting longer.
The capital’s tenants will have, on average, covered their rent by the 5 July, more than a week longer than last year, when Halifax declared London rental freedom day by 25 June. This increase also suggests that tenants in London now use more than half of their take-home pay to cover the cost of their home.
In the country as a whole, the figures have remained broadly the same as last year.
Tenants in the north east of England had earned their rent by 8 April, just ahead of Yorkshire and the Humber, while in the south east – the latest rent freedom day outside London – tenants will have paid for the roof over their heads by 19 May.