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London rent-to-income ratios improve as earnings rise
- Property market updates
- 13.02.26
- Benham and Reeves
Benham and Reeves’ latest research suggests that while rents in London remain high, the financial strain on tenants is beginning to ease as salaries are catching up with rental values. For the first time in years, most tenants are spending just under half of their monthly income on rent. This is a modest but meaningful improvement compared to last year.
Areas where rent takes the biggest share of income (2025)
| Borough | Est Average Monthly Salary (£) |
Average Monthly Rent (£) |
% of Income Spent on Rent |
|---|---|---|---|
| Hackney | 4,253 | 2,578 | 60.6% |
| Haringey | 3,749 | 2,202 | 58.7% |
| Barking & Dagenham | 2,952 | 1,678 | 56.8% |
| Ealing | 3,759 | 2,051 | 54.6% |
| Hounslow | 3,561 | 1,897 | 53.3% |
| Brent | 3,629 | 1,927 | 53.1% |
| Newham | 3,644 | 1,900 | 52.1% |
| Southwark | 4,721 | 2,374 | 50.3% |
| Enfield | 3,517 | 1,753 | 49.8% |
| Lambeth | 5,228 | 2,515 | 48.1% |
| Tower Hamlets | 5,026 | 2,387 | 47.5% |
| Hammersmith & Fulham | 5,742 | 2,702 | 47.1% |
| Westminster | 6,933 | 3,240 | 46.7% |
| Waltham Forest | 3,793 | 1,740 | 45.9% |
| Lewisham | 3,970 | 1,805 | 45.5% |
| Camden | 5,981 | 2,684 | 44.9% |
| Redbridge | 3,824 | 1,711 | 44.7% |
| Barnet | 4,347 | 1,921 | 44.2% |
| Greenwich | 4,404 | 1,927 | 43.8% |
| Croydon | 3,663 | 1,547 | 42.2% |
| Kingston upon Thames | 4,454 | 1,832 | 41.1% |
| Bexley | 3,730 | 1,530 | 41.0% |
| Harrow | 4,255 | 1,745 | 41.0% |
| Havering | 3,810 | 1,561 | 41.0% |
| Merton | 5,154 | 2,080 | 40.4% |
| Sutton | 3,852 | 1,538 | 39.9% |
| Hillingdon | 3,939 | 1,545 | 39.2% |
| Islington | 6,970 | 2,716 | 39.0% |
| Kensington & Chelsea | 9,517 | 3,651 | 38.4% |
| Wandsworth | 6,817 | 2,605 | 38.2% |
| Richmond upon Thames | 6,299 | 2,232 | 35.4% |
| Bromley | 4,910 | 1,652 | 33.6% |
| London Average | 4,586 | 2,268 | 49.5% |
*City of London excluded due to lack of available data on average salary.
Some boroughs continue to show elevated affordability. In Hackney, tenants are spending more than 60% of their monthly income on rent. Haringey, Barking & Dagenham and Ealing sit above the 54% mark. At the other end of the scale, tenants in Bromley, Richmond upon Thames and Wandsworth have higher average earnings, which means a smaller proportion of income is absorbed by rent.
How affordability has changed since 2024
| Borough | % of Income on Rent (2024) | % of Income on Rent (2025) | Change |
|---|---|---|---|
| Wandsworth | 46.9% | 38.2% | -8.7% |
| Camden | 52.8% | 44.9% | -7.9% |
| Harrow | 48.9% | 41.0% | -7.9% |
| Hammersmith & Fulham | 54.9% | 47.1% | -7.8% |
| Tower Hamlets | 53.1% | 47.5% | -5.6% |
| Hillingdon | 44.2% | 39.2% | -5.0% |
| Merton | 45.3% | 40.4% | -4.9% |
| Bromley | 37.7% | 33.6% | -4.1% |
| Southwark | 53.9% | 50.3% | -3.6% |
| Greenwich | 46.7% | 43.8% | -2.9% |
| Brent | 55.9% | 53.1% | -2.8% |
| Barnet | 47.0% | 44.2% | -2.8% |
| Hounslow | 56.0% | 53.3% | -2.7% |
| Sutton | 42.6% | 39.9% | -2.6% |
| Newham | 53.1% | 52.1% | -1.0% |
| Waltham Forest | 46.7% | 45.9% | -0.8% |
| Lambeth | 48.9% | 48.1% | -0.8% |
| Kingston upon Thames | 41.5% | 41.1% | -0.4% |
| Barking & Dagenham | 56.7% | 56.8% | +0.1% |
| Havering | 40.5% | 41.0% | +0.4% |
| Croydon | 41.3% | 42.2% | +0.9% |
| Lewisham | 44.3% | 45.5% | +1.1% |
| Hackney | 58.7% | 60.6% | +1.9% |
| Redbridge | 42.8% | 44.7% | +1.9% |
| Enfield | 47.8% | 49.8% | +2.0% |
| Richmond upon Thames | 32.7% | 35.4% | +2.7% |
| Bexley | 38.2% | 41.0% | +2.8% |
| Haringey | 55.4% | 58.7% | +3.3% |
| Ealing | 51.2% | 54.6% | +3.4% |
| London Average | 51.8% | 49.5% | -2.3% |
Source: https://www.rightmove.co.uk/news/content/uploads/2026/01/Rightmove-HPI-19-January-Final.pdf
*City of London excluded due to lack of available data on average salary.
Westminster, Islington and Kensington were removed due to a lack of salary data for the year 2024.
Boroughs such as Wandsworth, Camden and Harrow recorded the strongest improvements, mainly due to faster salary growth and, in some cases, stabilising rents. However, affordability still stands as a major factor in several locations. In Ealing, rent consumes a higher share of income than in 2024, with similar upward pressure seen in Haringey, Bexley and Richmond upon Thames.
What this shift means for Singapore buyers and investors
London is a high-cost property market; however, the data above make it clear that the balance between income and rents is starting to stabilise in many parts of the city. This stabilisation matters for Singapore investors, as robust rental performance depends not just on headline rent levels but also on whether tenants can continue to afford them. Borough-level performance is becoming just as important as citywide averages, as areas with strong salary growth tend to exhibit more resilient rental demand and a lower risk of rental stagnation.
Founded in 1958, Benham and Reeves is one of London’s largest independently owned property agencies. We opened our Singapore office in 1999 to support clients looking to buy, sell and invest in London’s resilient property market. Our local team specialises in London property and offers end-to-end advice on purchasing, lettings, rental potential, furnishing and long-term investment strategy.
Contact Benham and Reeves Singapore today to discuss boroughs with strengthening rental demand and better affordability fundamentals.
About the Author
Benham & Reeves has been shaping London’s prime property market since 1958. In 1999, we launched one of the very first London‑focused estate agency offices in Singapore to cater to growing investor demand. We were among the first dedicated London‑focused branches outside the UK. Our dedicated Singapore office is in Raffles Hotel — from here, the experienced, multilingual agents work seamlessly to assist a discerning clientele with buying, selling and letting London properties. We further offer end-to-end support, sourcing, acquisition, lettings, furnishing and complete property management – all on Singapore time.View all posts by Benham and Reeves