UK passes rental freedom day
Monday 4 May was the day when a typical tenant has ‘paid off’ their annual rent.
The average tenant takes 124 days to earn their rent, but this figure varies around the country.
In London, home to the highest rents in the country, the average tenant will take more than six months, only earning enough by July 8.
The North region was first to reach rental freedom day this year, passing that mark on April 9.
The national average was eight days earlier in 2015 than it was last year and has moved 16 days closer to mortgage freedom day since 2014.
On a national basis, Northern Ireland passed rental freedom day on March 27, Wales reached this point on April 18 while Scotland was just behind on April 19.
England’s tenants typically took until May 7, three days longer than the UK average.
Craig McKinlay, mortgage director at Halifax, said: “Rental freedom day provides a different perspective on how much we spend on the costs associated with renting a home over the course of a year.
“This year rental freedom day comes more than a week earlier than last year, and this, coupled with the increasing number of mortgages that require lower deposits, is good news for renters who are saving to buy their own homes.”
Rental freedom day by region in England:
North 9 April 2015
Yorkshire and the Humber 11 April 2015
East Midlands 14 April 2015
West Midlands 22 April 2015
East Anglia 22 April 2015
South West 20 May 2015
South East 23 May 2015
London 8 July 2015
UK 4 May 2015