Harrow among least affordable areas of London to rent in

A new report by tenant and landlord services provider Canopy found that renters in Harrow spend 45.27% of their net pay on their rent, compared to the national average of 38%.

With the average monthly rent cost per tenant standing at £1,084, Harrow came out as the fourth least affordable part of London to rent in.

Barnet topped the list, with renters there spending 48.73% of their take-home pay on rent.

Enfield, Dagenham, and Barking make up the rest of the top five least affordable London areas to rent in.

According to the report, which analysed nearly 50,000 data points, the average rent to income ratio in London is slightly above the UK average, at 39.9%.

Canopy found Uxbridge and Bromley to have rent to income ratios in line with the UK average, both at around 38%.

Meanwhile, across London, 30% of tenants spend more than half of their salary on rent.

Chris Hutchinson, CEO at Canopy, said: “It is sobering to see that more than a quarter of UK tenants are spending the vast majority of their take-home salary on rental payments, and it neatly encapsulates the tricky situation that many tenants with aspirations of home ownership are in.”

Mr Hutchinson highlighted that, in stark contrast to renters, homeowners are spending an average of 18% on mortgage payments.

Mr Hutchinson said that this extra “financial pressure on renters” means that they are less able to save money “to achieve their goals”.

He added: “Despite the price stability that further regulation would have on the market, there would likely be additional disincentives for landlords, leading to more leaving the market, and therefore reducing rental housing supply, or those remaining being less inclined to adequately maintain their properties.

“Where we could see positive change is towards longer tenancies for those who desire them, fostering greater security for families and communities.”

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