This Shelter report published in March 2012 researched the affordability of private renting in London. It found that in six boroughs including Islington a household income of more than £52,000 is required to rent a two bedroom home.
Key results found were:
- Private rents rose at an average annual equivalent rate of 7% across London in 2011.
- London rents rose slightly more on family sized homes with rises of 7% for two bedroom homes, and 8% for three bedroom homes.
- The rate of rental inflation was slightly higher in Inner London at 7.4%, than in Outer London at 5.5%.
- The rate of inflation on London private rents is 1.8 times greater than the rate of inflation on the average London wage. In outer London it is three times higher than wage inflation.
- In contrast to the rises in rents, average London wages have fallen for a number of key worker professions: The London average wage for nurses and teachers is down by 1%, and Police Officers pay in the capital is down by 2%.