UK Rental Freedom Day
Tenants spend a month longer at work than homeowners to cover their annual housing costs, suggest a new report
Alex Johnson has been part of The Independent's online team since 2007 and writes The Home Front property column. He has been writing about microarchitecture on his internationally-acclaimed website Shedworking since 2006 and is the author of three books, Shedworking: The Alternative Workplace Revolution, Bookshelf, and Improbable Libraries.
Monday 12 May 2014
Research from Halifax shows that today, 12 May, is this year’s 'Rental Freedom Day'. It is the 132nd day of the year, the point at which UK tenants have on average earned enough to pay off the annual cost of their rent. It is the same date as Rental Freedom Day last year.
The equivalent date for homeowners paying off their mortgage came a month ago, on 10 April.
"Rental Freedom Day falls over a month after the equivalent day for homeowners due to the higher monthly costs of renting compared to the monthly cost of a mortgage," said Craig McKinlay, Mortgage Director, Halifax.
Regionally, the North East was the first to achieve Rental Freedom (8 April) this year, just ahead of Yorkshire (9 April), the East Midlands (10 April), and the North West (11 April).
The first southern region to achieve Rental Freedom Day will be the South East (16 May), but those in London will have to wait more than half a year, and more than two whole months after the first region for Rental Freedom Day (5 July).
In overall terms, Northern Ireland's cut-off day was 25 March, Scotland's was 12 April (as it was in Wales), and England was 2 May
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