Figures from the University of Birmingham, meanwhile, revealed last year that the average price of living in a house share or flat in Birmingham city centre was £500. In addition, renting a one-bedroom flat would cost on average £750 a month, whereas a three to four-bedroom property would cost around £1,500-£2,000 a month.
Martin Totty, chief executive of Homelet parent company Barbon Insurance, explained that while the average income is in fact on the rise, parts of the UK are actually becoming unaffordable. “Our data shows that rents in London have pushed beyond that boundary, with the south-east and south-west of England close behind,” he remarked.
Mr Totty suggested that those keen to live in London could find themselves a guarantor or open up their homes to share with another tenant. Alternatively, they could move elsewhere, such as Wales or the north-east.