Tenants are spending 28% of their earnings on rent, the biggest proportion for a decade, new figures show.
The average UK tenant now spends more than 28% of their pay before tax on rent, figures shared with the BBC show.
Chris Ward and his girlfriend said they were struggling to find a rental in London despite a £1,750 a month budget. That has meant in the majority of the UK, affordability of renting has been at its worst for a decade. Rents have been rising significantly for the last year. Although those on a fixed rent would not have seen a difference, those signing up to new contracts, or moving to a different property are likely to have seen big increases.
He said that the situation was all the more "absurd" because of the competition for properties. The couple are now considering getting a visa to work overseas, for a better quality of life. Homeowners have been hit by rising interest, and mortgage rates, and that has spilled over into the buy-to-let market - which often sees even higher mortgage rates.
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