South Tyneside ranks second for spending lowest amount of income on rent

As the cost of living crisis surges, renters are facing the possibility of increased rental costs. But with rent costs differing considerably across the UK, which areas are the most affordable?

In light of this, Alan Boswell Landlord Building Insurance experts used official government statistics* to investigate which UK regions are spending the least on rent by calculating the proportion (%) of income spent on rent across regions.

The North East as a whole is the cheapest place to rent in the UK with an average of 23.5% of income being spent on rent. In a breakdown of North East locations South Tyneside ranked second with an average of 22.02% of income being spent on rent with the average cost of private rent in the area costing £109.62 per week.

Durham came out on top for the region with an an average of 21.23% of income being spent on rent with the average cost of private rent in the area costing £103.85 per week.

Figures also show the weekly income in South Tyneside ranks fifth in the region. On average the weekly income in South Tyneside is £497.70 with North Tyneside ranking first with an average weekly income of £528.20.

This ">interactive Google map shows which areas of the North East are spending the least amount of income on rent.

Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance experts said: “According to our research, those renting in the North East are spending a much lower proportion of their income on rent compared to other regions, on average. When compared with its neighbours - North East renters (23.5%) are spending 4.4% less than the North West (27.9%) and 8.6% less than Scottish residents (32.1%).

“Furthermore, rent proportion in the North East predominantly showcases a much narrow range across its local areas – our findings reveals that those renting in South Tyneside are spending the second least, on average (22.02%) - This is a 9.83% difference compared to its neighbouring renters in Newcastle upon Tyne (31.85%).

“It’s possible North East residents in high-rent areas have higher salaries or additional compensation to help them live on what’s left of that income, however we cannot assume this and they might have to make compromises if rent continues to rise.”

As expected London ranks the highest for income spent on rent with the average being 53.6% and the averagely weekly rent costing tenants £346.15 which is £230.77 more a week compared to the North East.

A couple of tips to help ease the rising cost of living include:

• Apply a money-saving method that fits your situation - Through shows like ‘The Martin Lewis Money Show’, viewers can learn useful money-saving methods.
• Check if you qualify for a tax-credit claim - For those with lower income, you may be eligible to apply for a working tax-credit (Universal Credit), which enables you to receive extra cash to help with daily expenses.

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