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Guildford among worst value locations for renters

3 minute read
Guildford among worst value locations for renters

Published at 1:48pm 24th August 2018.

Guildford is one of the most expensive places to rent in the country relative to income.

A survey shows tenants are spending more than 36% of their income on rentals - joining London, Oxford, The Wirral and Brighton as offering the least value for money in terms of living and working.

The jobs website Adzuna has compared average advertised salaries with average rental figures in towns and cities across the UK.

In Guildford, with an average salary of £34,526, average rent is £1,675 a month - leaving workers with a take home salary after paying rent of £1,464.

Worst off are Londoners who spend 41% of their pay cheques on rent - near double the national average (22.1%).

With average rental properties costing £2,234 per month in the capital this leaves Londoners with just £1,622 left after paying rent, despite their higher average salaries.

Best value is Swindon which has the highest wage to rent ratio, beating Bradford, Hull and Dudley to the top.

Workers in Swindon are paid an average of £38,869 a year, yet average monthly rents remain relatively affordable at £595. This equates to just 11.5% of their average monthly salary - almost half the national average of 22.1%.

This leaves Swindon workers with £2,293 to take home each month after paying rent, the greatest figure of any UK town.

Bradford, Hull, Dudley and Durham round off the top 5 best value towns for renters.

Andrew Hunter, co-founder of Adzuna, comments: “Rent payments are really eating into the salaries of workers in our most expensive locations, with cities like London and Oxford proving the worst value for money locations.

"Even though workers may be paid a higher monthly salary, their left-over cash is often smaller after paying steep living costs and local property premiums.

"Workers in London and Oxford also face the biggest battle to escape the rental trap and get on the property ladder, with just a small proportion of properties affordable to couples in these cities.

"Coupled with harder conditions for saving, the outlook for wannabe homeowners in these areas is looking gloomy.

“Alternative locations like Swindon and Bradford offer a much more attractive deal, with workers left with plenty of cash after paying cheaper rents.

"This makes Swindon workers the richest in real terms, taking home the most are change after paying rent - and it offers the best opportunities to save.”

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