The cost of renting a one-bedroom property in the UK has risen to swallow almost half of the average young worker’s take-home pay, according to figures, while those living in London are typically handing over 57% of their monthly wages.
The average cost of a new tenancy on a one-bedroom home hit £746 a month in May, taking up 48% of the take-home pay of a worker aged under 30, data from property firm Countrywide showed.
I have defended the right for there to be buy-to-let landlords on this blog recently, and I will not change that opinion. But, and I cannot stress this enough, it is very obvious now that the housing market is failing.
I am aware that there are those who will try to say that this is because of migration: I do not agree.