Oxford ranks among the least affordable cities in the UK for renters, as revealed by Canopy’s latest rental affordability index.
According to the index, the average tenant in Oxford spends £895 on rent, with an annual post-tax income of £25,722. This means 46.4% of their net earnings go toward rent, significantly above the national average of 36%.
Bournemouth is the only city with a higher percentage, where renters allocate 47.2% of their take-home pay to rent. Oxford also ranks higher than London (45%), Reading (41%), Gloucester (39%), and Cambridge (39%).
The report further highlights that 18% of Oxford renters spend 60% of their take-home pay on rent, a stark contrast to the national average of 11%.
Chris Hutchinson, chief executive at Canopy, commented on the findings, saying: “While it’s promising to see measures aimed at easing the burden on tenants, any regulatory changes risk pushing landlords out of the market, reducing property availability.”
He added, “Most landlords are already complying with the Renter’s Reform Bill's spirit, but the long-term effects are still uncertain. The government must proceed carefully to avoid discouraging landlords further, which could increase rental prices and worsen the affordability crisis.” Photo by -wuppertaler, Wikimedia commons.