A study from property agents Knight Frank revealed that Londoners would pay up to 42% of their gross monthly wage on rent compared to 40% elsewhere in Britain.
But respondents in London said they would settle for living in a smaller property to be based in a good location at a price they could afford.
More than half (54%) of 18 to 24-year-olds in London said they were would be happy to live in a studio flat with communal entertaining space if it allowed them to live in a central area at an affordable price. Meanwhile 42% of 35 to 44-year-olds and 39% of 25 to 34-year-olds said they would shrink down their home to live centrally. Across the UK the national average of those prepared to live in a studio flat for a more central location was 37%.
Londoners placed a greater emphasis on living close to transport links when choosing a property to rent. Nearly two-thirds (63%) of London tenants surveyed wanted to be within a nine minute walk of a transport link such as the bus stop, tube or train station, compared to 51% of tenants surveyed across Britain.
Attitudes towards renting were also revealed to be different within the capital. When asked why they were living in the private rental sector, 56% of 18 to 24-year-olds in London said the rental sector suited their lifestyle and they didn’t want a mortgage.
Nearly a third (30%) of 25 to 34 year-olds in London felt the same while 27% of 35 to 44-year-olds gave the same reply. Across the UK, 33% of respondents said it was a lifestyle choice.
In its report Knight Frank said: “The private rented sector is growing in London and across the UK. While this is undoubtedly linked to trends in house prices the sector is also expanding amid a demand for a more flexible workforce in key urban areas.
“As London plays a major role in the UK in terms of job creation, and is likely to continue to do so, the private rented sector looks set to be underpinned by well-designed stock at the right price point in locations close to transport links.”
