In an ideal world, we would all be able to afford a comfortable home regardless of where we lived for a reasonable price.
Unfortunately, this is not the case. The trouble is that house prices are continuously reaching new heights, as this article from The Guardian explains thoroughly.
Ultimately, what this means for many people is that the only option is to rent. Renting can be great because it stops people being tied down to one location, especially with the growth in popularity of house shares and short term contacts.
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However, the big issues facing those who rent are that their money is essentially going towards nothing other than a roof over their head for the next month, and that rent prices are on the up. This means that it is increasingly hard to save for a deposit to buy a house.
Just take a look at this recent article from the Independent which reveals the concerning news that over the next five years, rental prices will rise quicker than house prices.
The disproportionate rate at which house prices are rising over the average salary means that our money stretches a little less year upon year.
If London is becoming increasingly difficult to afford, how does it compare to elsewhere across Europe?
Well, a new piece of research by London Fox Lettings explores this exact question, you can take a look at it here.
By taking the average annual rent and salary of those living in each European capital city, this research has concluded how long locals in each must need to work in order to cover their living cost.
it’s called ‘Who Works The Hardest To Keep A Roof Over Their Head’ and it has a number of surprising and slightly less surprising results.
For example, the capital who needs to work less than every other is Andorra la Vella, where the average person covers their annual rent by March 15th!
Less surprisingly, London features at the more expensive end of the table, coming in at joint 37th. The average person in the English capital pays off their rent much later in the year, taking on average until 18th October.
Some of the most staggering results linger at the bottom of this table, where six different nations show that the average rent is higher than the average salary, meaning it is not possible to pay off within one calendar year.
So, if you were planning on moving to the likes of Moscow, Minsk, Kiev or Baku, you might want to reconsider.