As Estates Gazette and Knight Frank continue their investigation into the availability of low-cost living in central London, the agent has pulled together data that reveals the perceived affordability of renting decent housing across Europe
While Geneva and Paris remain the most difficult places in Europe to find affordable rented accommodation, with just 3% and 4% of respondents to the survey by Eurostat, the ONS and KF agreeing it was “easy to find good housing at a reasonable price”, London is not far behind. Just 12% of the 41,000 people surveyed said the capital was affordable. And with 25- to 34-year-olds making up the largest section of private renters, affordability is key.
Grainne Gilmore, head of UK residential research at Knight Frank, said: “As affordability levels for house purchases remain high compared with historical norms, more young people are moving into the rented sector. The aftermath of the financial crisis exacerbated this trend, creating Generation Rent.”
But there are plenty of reasonably priced, good homes available for UK renters if they choose to look outside the capital. More than half of respondents said Newcastle upon Tyne and Belfast provided affordable housing, with Glasgow not far behind at 48% and Manchester and Cardiff both getting the nod for good-value, decent housing from 43% of those surveyed. The easiest place to find affordable, quality housing is Oulu in Finland, one of the northernmost cities in the world.
samantha.mcclary@estatesgazette.com
