Barnet among boroughs where half of new two‑bedroom homes affordable to young earners

Barnet has been identified as one of thirteen London boroughs where at least half of newly let two‑bedroom homes would be affordable to two average young earners, the Standard reported. The list also includes Sutton, Barking and Dagenham, Havering and several others. The finding is based on data that compares typical young‑adult earnings with the cost of newly let two‑bedroom properties.

Why the figure matters for young renters

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Affordability is measured against the rule that housing should not exceed thirty per cent of take‑home pay. Hammy research shows the average 22‑to‑29‑year‑old in London earns around £39,500 a year, which translates to a maximum affordable rent of roughly £1,086 per month. By that standard, the Standard notes that thirty‑eight per cent of newly let two‑bedroom homes across London meet the affordability threshold for a couple, down from forty‑one per cent in 2016 and a high of forty‑nine per cent in 2018.

Barnet’s relative standing

Barnet appears on the list because data shows that at least fifty per cent of its newly let two‑bedroom homes fall within the £1,086 affordability limit for two average young earners. The borough therefore offers a comparatively better chance of finding a rent‑controlled two‑bedroom flat than many central areas where prices have surged beyond young people’s budgets.

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Supply pressures across the capital

“Rental supply in the capital is now in decline and, because of the high cost of living, graduates are battling for rooms in flatshares with a growing number of young and middle‑aged workers who’ve been priced out of renting solo or buying.”

Matt Hutchinson, communications director, SpareRoom

Matt Hutchinson, communications director of SpareRoom, told the Standard that the Renters’ Rights Act and higher landlord taxes have reduced flat‑share supply by about five per cent. He added that graduates entering the post‑summer rent rush face intense competition, especially in inner London where the average room costs £979 per month, according to SpareRoom.

What this means for residents

Young people living in or moving to Barnet can use the borough’s relative affordability as a guide when searching for a two‑bedroom home. However, the overall market remains tight, and the Standard advises renters to act quickly on viewings and paperwork, particularly in east London where supply is highest and rents are lowest.