Private renting is to costly say Belvoir Camden

Private rental too much for many families?
Written by Dominic Swinfield of Belvoir Camden.

SOARING rents in the private market have become too exorbitant for low-income workers across the capital.

To rent a typical two bedroom home in London, a family of two living on the minimum wage a year would be paying between 35 per cent and 60 per cent of their income!

Anyone spending more than 30 per cent of their household income on rent is considered to be struggling with ''housing stress'. A working family with two children, living on the minimum wage in London, could spend 40 per cent of their income renting a three-bedroom home. Average rents have soared in London over the last year because of lack of available stock says Dominic Swinfield of Belvoir Lettings Camden.

It's even worse for those on government benefits. Councils are just about to make large cuts in the hand outs council tenants are offered.The average rent of a room in a two-bedroom flat in London is now £350 a week, which would consume nearly fifty per cent of a couple earnings £40,000 per year.

The property rental market in London is also being fueled by the lack of avalaible mortgages. The average person in the U Know needs at least 20% deposit to purchase a proeprty but 25%-50% will gain a far better rates or even a fixed rate mortgage, which may help ride out the uncertain times that are ahead.

Belvoir Camden operates in the following areas: St Johns Wood, Hampstead, West Hampstead, Belsize Park, Chalk Farm, Camden, Kentish Town, Maida Vale, Marylebone and are always looking for new landlords. Belvoir is the property management specialist in the area.

Belvoir Camden
1a Chalk Farm Parade
Adelaide Road
NW3 2BN
02071 997733
www.belvoirlettings.com/camden
camden@belvoirlettings.com