New research has revealed the average annual salary required just to rent a one-bed flat in London.
With house ownership a pipe dream for most Brits, the study found that someone on the average salary would struggle to afford a 1-bedroom flat in 10 out of 56 major UK cities, with London by far the worst offender when it comes to affordability.
The average yearly salary in London is £43,629 but you’d need over £20,000 more to comfortably rent a 1-bedroom flat and meet daily living costs – a salary of £64,930 a year.
Brighton comes in second place, with the average salary of £34,860 nowhere near enough to afford the average 1-bed flat at £1,300 plus living costs. Instead, the typical Brit would need a yearly salary of £41,010 to afford renting alone in Brighton.
The city of St Albans comes in third place, despite relatively high salaries, due to eye-watering rental prices. The average 1-bedroom flat costs £1,425 a month, meaning that you’d need a salary of £42,492 a year to live here, £5,000 more than the current average salary in the area.
You can view the full lists of the top 10 least and most affordable cities below.
| City | Rent (1-bed flat) | Yearly salary needed for rent and living costs | Difference from average salary | |
| 1 | London | £2,250 | £64,930 | +£21,307 |
| 2 | Brighton | £1,300 | £41,010 | +£6,150 |
| 3 | St Albans | £1,425 | £42,492 | +£5,208 |
| 4 | Oxford | £1,390 | £43,798 | +£4,549 |
| 5 | Cambridge | £1,500 | £45,581 | +£4,355 |
| 6 | Bath | £1,250 | £38,998 | +£3,766 |
| 7 | Salford | £1,100 | £36,175 | +£1,819 |
| 8 | Bristol | £1,200 | £38,451 | +£1,575 |
| 9 | Chelmsford | £1,125 | £36,792 | +£1,524 |
| 10 | Southend | £925 | £32,539 | +£895 |
| City | Rent (1-bed flat) | Yearly salary needed for rent and living costs | Difference from average salary | |
| 1 | Aberdeen | £550 | £27,987 | -£12,573 |
| 2 | Coventry | £695 | £29,980 | -£11,516 |
| 3 | Carlisle | £475 | £25,304 | -£9,892 |
| 4 | Chester | £750 | £24,060 | -£9,516 |
| 5 | Derby | £600 | £29,910 | -£9,414 |
| 6 | Belfast | £700 | £28,463 | -£7,927 |
| 7 | Dundee | £625 | £27,598 | -£7,790 |
| 8 | Hull | £575 | £24,245 | -£7,423 |
| 9 | Wakefield | £625 | £27,739 | -£6,413 |
| 10 | Derry | £550 | £26,045 | -£6,179 |
Kate Steere, housing expert at finder.com, comments: “There seems to be no slowing down of the UK’s rental crisis, with average UK private rents rising by 9.2 per cent in the 12 months to March 2024.
“The situation is even more stark in London, where rents increased by 11.2 per cent in the same period, the highest annual change since 2006.
“Our research highlights how these rent hikes are pricing the average person out of several UK cities, including the capital. While couples can get around this by sharing a 1-bed flat, the current London rental market is making it unaffordable for Brits to rent alone.
“This is yet another example of the ‘single tax’ – where people are penalised for living alone and priced out of big cities in the UK.”
To use the cost of living calculator and view the research, visit: https://www.finder.com/uk/banking/cost-of-living-calculator
Related: London in ‘cost of renting crisis” as rents rise at shocking rate
