Rent rising twice as fast as wages in Newham, figures reveal
PUBLISHED: 07:00 16 January 2020
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Rent prices have risen twice as fast as wages in Newham over the last eight years, figures show.
The median monthly rent for a property in Newham was £1,400 in 2018-19, according to the latest figures from the Office for National Statistics (ONS).
That was 56pc higher than during 2010-11, the earliest year with comparable data.
The median is a measure used to exclude extreme values which could skew the average.
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But ONS earnings figures show median salaries only increased by 27pc over the same period.
Newham residents - including both full and part-time workers - had an average pre-tax monthly pay packet of £2,177 in 2019, compared to £1,715 eight years earlier.
Rents across England rose by 22pc over the same period to £700 a month, while average salaries increased by 17pc.
Housing charity Shelter chief executive Polly Neate called for urgent investment in affordable social housing.
She said: "Despite working all the hours they can, millions of people are struggling to keep up with the sky-high cost of private rents.
"Recent efforts to improve renters' rights by banning costly letting fees and committing to abolish 'no-fault' evictions are very welcome, but private renting is not always the right place for struggling families to live."