East of England’s Least Affordable Rental Locations Revealed

Residents of Hertfordshire allocate a larger proportion of their gross monthly earnings to rent compared to any other area in the east of England. According to the Office for National Statistics (ONS), during the 2022-23 financial year, Hertfordshire and Buckinghamshire were the sole counties within the region where private rental costs exceeded the “affordable” threshold, defined as 30% of inhabitants’ gross monthly income. Regionally, the proportion of income spent on private rents reached its lowest point in nine financial years, standing at 27.3%. However, letting agent Jon Gallop noted that a significant number of tenants were still dedicating at least one-third of their income to rental payments, despite these statistics. Hertsmere, located in Hertfordshire, was identified as the region’s least affordable district, with the typical private renter allocating 36.6% of their earnings to rent. Conversely, Fenland in Cambridgeshire and East Suffolk were recognized as the most affordable districts in the region, with rental costs averaging 19.6% of income. Mr. Gallop, who leads the lettings division at Palmer and Partners, a firm based in Essex and Suffolk, stated: “A lot of people are still spending a third of their gross salary on rent.” He continued, “If they’re not, it’s because they’re renting something that’s too small. If I list a property at 17:00, by 09:00 the following morning I’ll have 30 to 40 inquiries.” He also mentioned that numerous landlords had recently divested their properties. In the previous financial year, all eight counties within the east of England experienced a marginal improvement in rental affordability, with the exception of Northamptonshire, where affordability levels stayed consistent with the preceding year. The counties are ranked below from least to most affordable, based on private rents as a proportion of gross monthly income: The Office for National Statistics (ONS) indicated that while private rents have risen since 2015, the incomes of households renting privately have grown at a quicker pace. For updates on East of England news, follow on X, Instagram, and Facebook: BBC Beds, Herts & Bucks, BBC Cambridgeshire, BBC Essex, BBC Norfolk, BBC Northamptonshire or BBC Suffolk. Copyright 2024 BBC. All rights reserved. The BBC bears no responsibility for the content found on external websites. Information regarding our external linking policy is available.