Rents Rise Twice as Much as Earnings

The cost of renting in England and Wales rose at twice the pace of earnings over the year to November, placing pressure on tenants' finances and putting property ownership further beyond reach of many would-be buyers. The average amount paid in rent stood at £753 in November, up 1.6% compared with a year earlier, according to the latest figures from the lettings agency network LSL Property Services. The increase is twice the average rise in earnings of 0.8% over the same period, according to figures from the Office for National Statistics. The average salary is now £1,941 a month. Rents rose fastest on an annual basis in London, where they increased by 4.4%, followed by the south-west (3.4%) and the south-east (3.2%). Rents fell by 5.5%, or an average of £42, in eastern England, 2.8% in the West Midlands, and 2% in the north-east, Yorkshire and the Humber. Read more on the Guardian website.