Young tenants in Newcastle spend just over quarter of their pre-tax income on renting a room in a house share – making it one of the most affordable major cities.
Analysis by Hamptons International found Newcastle is third most affordable of 20 major UK cities for 21 to 29 years old looking to rent a room to live in. Of the 20 cities, only tenants in Liverpool and Sheffield use a lower proportion of their pre-tax earnings on monthly rent.
On average, it cost £418 a month to rent a bedroom in Newcastle, equating to 26% of the average income for a 21-29-year-old. People in Liverpool and Sheffield spend 25% of their income on renting a room.
At the opposite end of the scale young professionals in Brighton spend the highest proportion of their earnings on accommodation at 35%, with an average rent of £647 a month for a room in a house share.
James Forrester, managing director of StripeHomes, said: “Affordability is becoming a leading factor for young people and professionals as to where they go to study and work.
“Newcastle is not only providing this StripeHome is building high quality developments that these young professional are after as they crave city centre living. ”
To view our developments click here and if you are interested in investing in property you can register your interest in the here.
If you want to know more you can contact one of our expert property team on +44 (0) 191 249 9292.
