The North East and Scotland’s renters are spending the least amount on rent when compared to the rest of the UK, according to research from Alan Boswell Landlord Building Insurance experts.
Alan Boswell Landlord Building Insurance experts used official Government statistics to investigate which UK regions are spending the least on rent by calculating the proportion (%) of income spent on rent across regions.
The research showed that residents from the North East are spending the least of their wages on rent, amounting to only 23.5%.
This is 8.6% less than its neighbouring Scottish residents (32.1%) and 4% less than the North West at 27.9%.
Wales places second best, with 27.2% of resident’s income being spent on rent.
Whilst its bordering region, the West Midlands, are spending more (30.2%).
Renters in Yorkshire and the Humber region are spending the third least on rent (27.7%), enabling their income to go much further in comparison to their neighbours in East Midlands (29.7%).
Whilst the renting crisis is UK-wide, London residents are spending the largest proportion of their weekly income on rent at a startling 53.6% – exceeding more than half of their wage on average.
Welsh residents are spending 27.2% of their income on rent – the lowest proportion overall, whilst renters in England are spending the most on average (34.1%).
Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance experts, advised: “Through shows like ‘The Martin Lewis Money Show’, viewers can learn useful money-saving methods like topping up and maxing out on energy meters before March 31st, ahead of the April price hike (if you are responsible for these, to help reduce the cost of your energy bill until you need to top up again).
“If you are struggling to pay, you can also speak to your energy firm who may offer hardship funds for existing customers.
“For those with lower income, you may be eligible to apply for a working tax-credit (Universal Credit), which enables you to receive extra cash to help with daily expenses.
“The Government’s cost of living support page provides more advice on your specific needs, including the tax-credit claims and housing cost support.”
He added: “Other cost-of-living services are readily available for the public such as food banks to help individuals and families alike struggling with the current cost-of-living.”
For more details regarding the research, visit: https://www.alanboswell.com/landlord-insurance/landlord-building-insurance/
