Buy-to-letNews

Rental prices around hospitals in England account for 47% of average nurse’s salary

The average monthly rental cost for properties around hospitals in England is £891, 5% higher than England average, accounting for 47% of the average salary of a nurse, according to research by rental deposit alternative Ome.

On average, this requires nurses to pay £1,114 for rental deposits on properties near to hospitals, compared to £1,065 across England as a whole.

This deposit amount accounts for 59% of a nurse’s standard monthly wage.

In London, the average rent of £1,905 in areas around hospitals is 124% higher than the national average.

The average London nurse, therefore, would have to pay 87% of their monthly net salary on rent to live near to their work, with deposits requiring 109% of a month’s wage.

The Hospital of St John and St Elizabeth, located in St John’s Wood, is the least affordable, with average rent in the area reaching £3,150, or 144% of the average London-based nurse’s salary.

The average deposit in this area is £3,938.

When it comes to buying rather than renting properties in the immediate vicinity of a hospital in England, the average house price is 26% higher than the average across all areas.

The house price to income ratio around hospitals is 13.8, compared to 9.9 across the nation as a whole.

London’s house prices around hospitals are, on average, £817,898, or 213% more than the average in England as a whole, with a house price to income ratio of 31.2.

Matthew Hooker, co-founder of Ome, said: “For many of us, the high cost of renting or buying close to our place of work means that we opt to commute in from much further afield and so in normal circumstances, the same may be expected of those working on the front line in our hospitals.

“However, these are far from normal circumstances and our heroes on the frontline are currently working around the clock under extremely tough conditions, with many having to stay away from their families to keep them safe from the risk of the current pandemic.

“Although they are unlikely to be buying or renting an additional property to do so, we wanted to highlight the high cost of securing a place to live close to their place of work and the importance of providing temporary accommodation while they fight to keep the nation safe.

“This opens a wider conversation surrounding the affordability of housing throughout the UK and the current impact this is having on key workers during the COVID-19 pandemic.

“The heroic efforts made by the nation’s nurses to keep us safe must be matched by the nation’s efforts to keep an affordable roof over their heads and mitigate any worries they may have surrounding housing costs.

“We should all do our bit to ensure the security and safety of these selfless individuals.”

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