Oxford is one of the least affordable cities in the UK for renters, according to Canopy’s latest rental affordability index
The Canopy index revealed that the average tenant in Oxford spent £895 on their share of the rent and earns £25,722 per annum after tax, which equates to spending 46.4 per cent of their net pay spent on rent – much more than the national average (36 per cent).
Bournemouth was the only city to rank higher than Oxford with 47.2 per cent of take home pay going on rent, and higher than London (45 per cent), Reading (41 per cent) Gloucester (39 per cent) and Cambridge (39 per cent).
The index showed that 18 per cent of renters in Oxford were paying 60 per cent of their take home pay on rent - significantly higher than the national average of 11 per cent.
Chris Hutchinson, chief executive at Canopy, said: “While it’s encouraging to see efforts being made to relieve pressure on tenants, any regulatory changes could inadvertently push landlords out of the market, shrinking the supply of properties.
“Most landlords are already adhering to the spirit of the Renter’s Reform Bill, but the full consequences remain uncertain. The government must tread carefully, so as not to dis-incentivise landlords further, which could ultimately lead to additional rental price pressure, deepening the affordability crisis.”
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