As the cost of living crisis continues to impact the UK, renters are facing the possibility of increased rental costs. A recent study by Alan Boswell Landlord Building Insurance has identified Forest of Dean as the most affordable area in the South West for renters, with residents spending and average of just 27.67 per cent of their income on rent.
The study used official government statistics to calculate the proportion of income spent on rent across various regions. It revealed that, on average, residents in the South West spend a higher proportion of their wages on rent (36.2 per cent) compared to other regions in the UK.
Renters in Forest of Dean, however, fare better than their South West neighbour's, with the lowest proportion of income spent on rent in the region. Bristol residents face the highest rent burden, spending 50.63 per cent of their income on rent.
England tops the list for the highest proportion of income spent on rent across the UK at 34.1 per cent, Wales spends the least at 27.2 per cent.
The top 10 most affordable areas in the South West for renters, include Forest of Dean, Tewkesbury, Torridge, Swindon, Cheltenham, Sedgemoor, North Devon, East Devon, Mid Devon, and South Somerset.