According the Office for National Statistics, London's rents are rising much faster than wages. On average, private rents increased by 3.9% in London for the year to December 2015, while London's average four years earnings for full-time workers remained unmoved between 2014 and 2015. The price rises have been driven by a shortage of housing supply and strong demand. In addition to this, for England as a whole, private rent increased by 2.5% over the same period while wages increased by 1.9%. According to estate agents, Reeds Rains and Your Move, rents in England and Wales rose at their fastest pace in weekly.
According the Office for National Statistics, London's rents are rising much faster than wages. On average, private rents increased by 3.9% in London for the year to December 2015, while London's average weekly earnings for full-time workers remained unmoved between 2014 and 2015. The price rises have been driven by a shortage of housing supply and strong demand. In addition to this, for England as a whole, private rent increased by 2.5% over the same period while wages increased by 1.9%. According to estate agents, Reeds Rains and Your Move, rents in England and Wales rose at their fastest pace in four years.