With recent reports that, on average, Londoners are spending two-thirds of their income on rent, it’s clear that prices in the private rental sector are continuing to spiral out of control. The crisis is at its worst in Zone 1, but even boroughs outside of central London are seeing tenants paying out more than half of their paycheck to their landlord.
In Harrow, tenants are being charged an average of £1332 in rent every month, out of an average salary of £36,640 - that’s 49% of their earnings pre-tax. The situation is worse in Enfield, where tenants are paying an average of £1274 in rent each month - out of an average salary of £29,400, that comes to 52% going on rent.
It’s no surprise that tenants are looking for a cheaper alternative - such as Shared Ownership, which offers tenants the opportunity to lower monthly costs as well as owning a percentage of their home. Origin Housing’s Enfield scheme, Saffron House, is priced from £1274 per month for a two bedroom apartment - halved between two tenants, this works out at almost £700 less each than they’d pay in private rent.
To find out more about our Shared Ownership homes launching soon, click here. Origin offers various affordable home options, such as houses for sale in Barnet or Harrow.