29-01-2008
London rents average £94 per week
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Rents in London average at £94 per week and mortgage costs at £174 per week, according data released by the Office for National Statistics (ONS). The UK average for housing costs is now £143 per week.
In reality, the averages mean little as individual amounts vary depending upon where a person lives and whether they are renting or paying towards a mortgage. However the discrepancy between costs of renting and buying indicate that in the current financial climate it makes less sense to buy than to rent.
"The sample is representative of all regions of the UK and of different types of households," said the ONS. "Interviews are spread evenly over the year to ensure that estimates are not biased by seasonal variation."
Costs were calculated to include a number of individual expenses, including council tax payments, rent and mortgage payments.