The cost of renting a home is increasing in Surrey, especially for single-income households in Spelthorne. Rent prices in Spelthorne have gone up by £166 a month in the past year, reaching an average of £1,567 per month. This can be challenging for renters, especially those with only one source of income. Statistics show that 33% of the average household income in Spelthorne goes towards rent, making it tough for individuals or couples relying on a single income.
Spelthorne now has one of the highest rent-to-salary ratios in the country, with the average rent amounting to 46% of the average full-time worker’s salary. For those living in a one-bedroom property, the rent is 33% of the average salary, while for a two-bedroom property, it’s 43%. Epsom and Ewell follow as the next least affordable places to live in Surrey, with rent costing 45% of the average full-time salary.
In comparison, Waverley is the most affordable place to rent in Surrey, with rent only taking up 34% of the average local salary. London, on the other hand, remains the most unaffordable place to rent, with rent consuming 58% of the average full-time income. Buying a home is also challenging for single-income individuals, with the average house price in Great Britain being 7.8 times the average salary for full-time workers.
In Elmbridge, the average house price is 13.7 times the local average full-time salary, making it the least affordable place to buy a house in Surrey. Tandridge, Epsom and Ewell, and Guildford follow closely behind with high income-to-house price ratios. London tops the list as the least affordable place to buy a home, with house prices in Kensington and Chelsea reaching 22.5 times the average local salary.
The housing market in Surrey poses significant challenges for single homebuyers and renters alike. With rising rent prices and high house prices relative to income, many individuals are finding it increasingly difficult to secure affordable housing in the region. It’s important for policymakers and stakeholders to address these affordability issues to ensure that housing remains accessible for all residents in Surrey.
