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Monday, April 16, 2012

Rents and wages 'shock'

The average rent in some parts of London has reached 56% of pay according to the 'shock horror' headline in the Metro. The figures sourced from the National Statistics and Valuation Office Agency were compiled by the office of the Shadow Communities Minister under Jack Dromey.

They seem to indicate that London Borough's account for 21 out of 25 of the highest ratios of rent to income. The lowest ratios are in Lancaster where rent makes up 15 per cent of earnings. In Derby it is 20 per cent, Liverpool 24 per cent, Gateshead 25 per cent and Birmingham 26 per cent. The message for landlords in these areas are that if your tenant has a job there should be no problem paying the rent and if supply conditions get tight there could be considerable upside in rental levels.

The only thing is that Jack Dromey looks to have a problem with figures as evidenced by his dealings with his own expenses and those of the Labour Party - so can they be completely trusted?

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