2015 was a pretty dark year for the UK rental market. Here are some of the low points and the five most depressing rent stories of the year.
-
UK Rent Market Becomes Most Expensive In Europe
In June last year, renters had confirmed what many already suspected: they were renting in the country with the highest average rent as a proportion of income. This ‘in real terms’ study found that UK renters spent an average 39% of their wages on rent compared to the European average of just 28%.
-
Boris Johnson Refused to Ban Poor Doors
Poor doors, of course, exist because new building developments are often required to have ‘affordable’ properties as well as luxury ones. Heaven forfend the two economic classes of inhabitants be forced to share a door!
Mayor Boris Johnson famously refused to implement a ban on poor doors in 2014 – a fact upon which harsh light was thrown after New York Mayor Bill de Blasio’s 2015 banning of this divisive social practice. Here’s hoping the winner of the next Mayoral Election follows de Blasio’s lead.
-
Cameron Caps Affordable Houses at a Mere… £450,000
That’s right. In October, Government plans for affordable housing gained media attention for their assertion that a £450,000 house in London (or £250,000 elsewhere) constituted an affordable first-time home. Affordable housing is meant to get people out of the rent market and onto the property ladder, but at prices like these, many hopeful first-time buyers will be left alienated by the scheme.
-
London Rent hits 108% of UK Average
Also in October, the gap between the UK average rent and the average rent in London hit a record high. At least some people have nice, fancy doors though, right?
-
Mortgages Became Cheaper Than Rents
On the last day of the year, it came to light that monthly rents had finally overtaken monthly mortgage payments. Renters had previously been able to console the injury of waving goodbye to a sizable chunk of their income every month on the basis that at least it was cheaper than buying a house.
Finally though, in late December, even this consolation was stripped away as it became apparent that renting was now more expensive than paying a mortgage.
As we expect 2016 to hold more of the same, you can still find the best cheap rooms London has to offer at EasyRoomate.com.
