Where can London’s NHS workers afford to rent?
Our NHS is indispensable, and the wages of NHS workers are a hotly discussed topic throughout the UK. It’s generally agreed that they don’t get paid enough for the long hours and difficult shifts they work, not to mention the level of skill they possess in their fields.
In our latest study, we looked into the affordability of the rental market around London’s hospitals, and compared it to the average wage of NHS nurses, doctors and paramedics.
To conduct the study, we looked at the cost of renting in postcodes home to an NHS hospital in London. We then took the average monthly net wage for an NHS paramedic, nurse and doctor in the capital, and applied the 27% rule for the amount of income typically spent on rent. Finally, we looked at how many people in each profession would be required to successfully afford to rent near each hospital, by dividing the average monthly rent in the area by the 27% of income available.
The data we collected shows that the average net monthly salary for an NHS paramedic in London is £1,881, with a 27% rental allowance equalling £508 a month. For nurses, the average net salary is £2,128pcm, leaving a rental allowance of £575, while a doctor’s net monthly salary is predictably the highest at £3,798, with a 27% allowance of £1,025.
However, with the average monthly rent surrounding London hospitals hitting £1,727, the capital’s NHS workers have no choice but to house-share if they want to live in close proximity to their place of work.
Paramedics would have to share a house between four (3.4) if they want to live in close proximity to the average hospital. Nurses would need to live as a group of three to afford a home near a hospital. Even doctors aren’t exempt from needing to share, though just two (1.7) would be required to comfortably share a property.
What is the least affordable area in London for NHS renters?
The worst area, perhaps unsurprisingly, is Chelsea’s SW3 – home to the Royal Brompton and Royal Marsden hospitals. Here, the average rent is £3,323 per month – so if NHS paramedics wanted to live near to these hospitals, there would need to be seven of them in an average property. Nurses would require slightly fewer tenants, with six (5.8) needed to afford a home here, whereas doctors would need four (3.2) in a house to pay the rent.
What is the most affordable area in London for NHS renters?
The postcode SM5, near Croydon, is home to St Hellier Hospital and the most affordable rents. With an average monthly rent of £1,075 surrounding the hospital, it would take three (2.1) paramedics, two (1.9) nurses, or just one doctor to afford an average property here.
Is house-sharing a good option, then?
It depends.
“We’re obviously all for room sharing in the capital and the positives it can bring for wellbeing, lifestyle, and bank balance,” said Tom Gatzen, ideal flatmate co-founder.
“While some hospitals do provide a more realistic rental market within the immediate area, even we don’t advise sharing an average-sized property with six or seven people.”
