Halifax results from March 2018 show that average mortgage payments are at 29% of household income, making mortgages the most affordable they’ve been since the 1990s. As a proportion of income, rent now exceeds mortgage payments in some regions, with the overall UK average being 31% in 2018.
Despite this, the average time that Younger Independents and Flexible Professionals rent for is at least 3 years. Flexibility remains a high priority, offering the opportunity to find a home near work, or friends and family in a development that suits their lifestyle. Those with families expect to rent for an average of 7 years. Reconciled Renters (45+) are most committed to long term renting with an average future rental of 6 years and almost 1 in 4 expecting to rent for 10+ years…
Average rent as a proportion of income by geographical region and lifestage groups.
Younger Independents (YI)
Flexible Professionals (FP)
Budgeting Families (BF)
Reconciled with Renting (RwR)