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May 12th - Freedom Day for the average tenant

May 12th - Freedom Day for the average tenant

The 132nd day of the year, May 12th this year, is the day when the average tenant in the UK will have earned enough to pay their rent for the year. These details are provided by the Halifax.

 

In comparison the average mortgage borrower would have paid by April the 13th, but for those renters in London they will have to wait until at least June 25th!

 

Craig McKinlay, mortgage director at Halifax, said: “Housing costs are usually people’s biggest outgoing every month, and our calculations show there is a significant difference between buying and renting.

“If you rent your home, then you will need to do about a month’s extra work to cover the annual cost of renting compared to paying a mortgage.”

The date for tenants is calculated on the basis that all earnings from January 1 are devoted to rental payments until the annual costs have been paid in full.

 

Will Taylor, Director at Huddersfield Letting Agent Martin & Co, said “the population of Huddersfield are typically lower salaried than the rest of the country, so I’m sure that ‘freedom day’ is much looked forward to. In real terms we have measures in place to make sure our tenants will be able to pay their rent. The last thing we want is to put someone in a position that they won’t be able to afford.”

 

If you’re looking for property to rent in Huddersfield, call Martin & Co on 01484 453935.