Tenants in Harrow spend 45.27% of their net pay on their rent, compared to the national average of 38%, with the average monthly rent cost per tenant at 1,084, making Harrow one of the least affordable areas in London.
Chris Hutchinson, CEO at Canopy, highlighted the financial strain on tenants, stating that more than a quarter of UK tenants spend the majority of their take-home salary on rental payments.
Hutchinson emphasized the disparity, noting homeowners spend 18% on mortgage payments, indicating the financial pressure tenants face in saving towards their goals is much higher.
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