Young Londoners are spending an average of 60% of their incomes on rent according to new research from Countrywide on behalf of the Green Party.
The research also showed that rents have increased by 48% on average since 2007 — more than four times faster than incomes.
Green Party London Assembly member Sian Berry said:
London’s 2.3 million private renters, like myself, need protection from greedy landlords and letting agents. We also need a London Renters Union funded by but independent of City Hall that would enforce existing rules for landlords and lettings agents and help support renters with information and campaign for things like rent controls.
Further research by Reuters in January this year showed that even young bankers — who have an average starting salary 30% higher than other industries — were struggling to afford to live in London, which doesn’t leave much hope for the rest of us.