Rent in London is cheaper than a decade ago, but people don't seem to notice.

Renting in London has always been a daunting task, with the knowledge that a significant portion of our earnings will go towards paying for a place to live. Many of us long for the days when living in the city was more affordable and we didn't have to worry about monthly rent increases from our landlords. However, recent statistics have shown that, surprisingly, renting in London has become more affordable in the last 10 years.

According to data from the Office for National Statistics, between 2022 and 2023, the average private renter in London spent 39.8% of their gross income on rent. While this may still seem like a lot, it is actually a decrease from the previous year and is technically more affordable than it was between 2014 and 2015. This decrease can be attributed to the fact that wages have increased in line with rent prices, making the gap between earnings and rent more manageable.

This trend is not just seen in London, but across the entire UK, with households who privately rent also spending a smaller proportion of their wages on living costs. This is a positive sign, showing that the increase in wages is helping to alleviate the burden of high rent prices.

However, the overall housing market in London still remains challenging. According to data from Zoopla, the average rent in London is around £2,100 per month, which is the highest in the UK and has increased by 6.2% in the last year. Similarly, data from SpareRoom shows that in the last five years, London rents have gone up by an average of 32%, from £744 to £983 per month. Despite this, the average salary in London is significantly higher than the rest of the UK, at £41,866 per year.

Looking at different areas of London, the East and South East have seen the largest increases in rent prices, with areas like SE2, EC2, N9, and SE9 seeing significant rises. However, these are just averages and there are still many people paying above the odds for their living space.

In a recent Reddit thread, Londoners shared what percentage of their monthly salary they spend on rent, and the results were shocking. Many were spending more than 50%, with some even spending up to 70%, just to live in a shared flat in a desirable area. Others reminisced about the rent prices they used to pay in the past, with some paying as little as £200 per month in the 1990s.

While it's clear that renting in London is still a challenge, there is hope with the recent decrease in the proportion of wages spent on rent. And who knows, maybe one day we'll all be able to afford the idyllic rent prices of the 1990s on our current salaries.

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