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Workers on the Living Wage wanting to rent a home have been priced out of EVERY London postcode, a study shows today.

And it means the capital is facing a labour crisis as low-paid workers are unable to afford sky-high rents.

For renters on the Living Wage of £9.15 an hour in London - £7.85 outside - not a single postcode in the capital can be classed as “affordable”. This means no more than 35% of take home pay.

Research by flat and house sharing site SpareRoom.co.uk found that the average weekly income on the London Living Wage is £293 after tax, while the average weekly room rent is £164.31.

As a result renters are forking out more than half (56%) of their net income to put a roof over their heads.

Even the cheapest postcodes to rent in London, Thamesmead (SE28), where the average room rent is £480 per month, and Edmonton (N9), where rent is £505 per month, are out of reach.

On the Living Wage - the minimum considered necessary for a decent standard of living - renters would still have to budget 38% and 40% respectively of their net income for accommodation.

(Image: PA)

Renters whose postcodes start with a W face paying a staggering £810 per month for a place to live.

That’s 14% higher than the average London rent of £712 per month and costs Living Wage earners almost two thirds (64%) of their income.

The numbers don’t make for pleasant reading for those on the capital’s Living Wage in SW or SE postcode districts either.

They’ll have to budget £764 and £617 per month respectively for rent, which means putting aside 60% and 49% of their incomes.

In East London, the average monthly room rent is £676, which means London Living Wage earners will have to spent 53% of their pay.

In the N and NW postcode districts average rents account for more than half (50% and 57% respectively) their weekly incomes, with room rents costing £635 and £721 respectively.

Matt Hutchinson, director of SpareRoom.co.uk, said: ”We’ve reached a point where the housing crisis is driving the lowest paid workers out of the capital.

“Even the cheapest way to rent, flat-sharing, is officially unaffordable to them across the whole of London.

(Image: PA)

“The sad irony is those on the Living Wage are what keeps London ticking, and they need to be able to afford to live in the city that depends on them.

“Rising rents are forcing many to live hand to mouth or, increasingly, forcing them out. Apprentices are in an even worse position.

“London is quite rightly celebrated for its vibrancy, diversity and creativity. To protect that we must make it affordable to live in, otherwise it’ll turn into nothing more than a theme park for the rich.

“The Government needs to take action to make sure the capital doesn’t face a labour shortage that could paralyse the heart of the British economy.

“An overwhelming 97% of renters in shared accommodation told us the Government isn’t doing enough to make housing affordable – it looks like they were right.”

*Meanwhile, average advertised salaries for jobs has dropped to an 11-month low of £33,696 while the number of vacancies has hit a post-recession high of 1,092,030 in June up 3.2% from May.

But the study by jobs search engine Adzuna.co.uk found that the growth has been driven by a rise in lower-paid jobs.