Residents of London spend more than half their income on rental housing. As the statistics show, this is 8% more than in 2011. At the same time, in England, workers spend no more than 28% of their earnings on housing on average. The most expensive area of London is Westminster. There, the cost of renting a two-bedroom apartment can reach 70% of the average income for the city. Housing in Hackney (67.3%), Islington (63.9%), Camden (62.1%), Brenta (60.4%) and Newham (60.1%) is also very expensive.
Parts of London where it is the most expensive to live
These studies published by the Association of Trade Unions of Workers in the Service, Trade and Production of Great Britain (GMB Union). - These numbers demonstrate the degree of pressure on the residents of London after the financial crisis of 2008. The rental price has increased, while the salary has remained at the same level or has fallen, - said the London regional secretary of GMB Warren Kenny.
The expert emphasizes that high rental costs reduce the purchasing power of people, which in turn reduces the income of retailers. At the same time, retail sales are one of the basic indicators of the economy state, and if consumerism is steadily declining, the economy in general is on the decline as well.