An interesting report out today from Shelter looking at the affordability of the private rented sector around England.
It found Southwark and Lambeth to have the 9th and 11th most expensive rental prices (for two bedroom homes) in England, with average monthly rental prices of £1,407 and £1,321 respectively.
The most interesting findings come though in terms of affordability. Average London
rents for two bedroom homes take up 60% of a Londoner’s median take-home pay, a rate
which is close to double that seen in most other regions. Southwark comes in at number 10 in the most unaffordable places with 63% of average take-home pay spent on rent, and Lambeth at number 12 with 59%. This earned them a classification of 'extremely unaffordable'.
Given yesterday's unemployment figures, the ongoing rise in rental prices lack of social and other housing alternatives the picture looks very bleak indeed. There was a good report on the human cost on Radio 4 this morning.