rent

The cost of rent across the UK

by Madaline Dunn

Rent in the UK is on the rise. According to recent figures from HomeLet, the average cost of rent in August reached a record high of £1,053. That’s up 6.9% from last year and 2.3% from the previous month.

Wales saw the highest annual price rise, up 12.8% from last year; meanwhile, the North East saw an annual increase of 5.8%.

So, just how expensive is it to rent in the UK, and what’s causing rent prices to rise?

At The Salary Calculator, we’ll walk you through:

  • Why rent prices in the UK are rising
  • The lowest rent prices in the UK
  • The highest rent prices in the UK

Why are rent prices on the rise?

UK rent prices are on the rise for a number of reasons, including a consistent rise in demand for rental properties. Research from BuyAssociation, in June revealed that a total of 88 prospective private renters were registered per estate agency branch in the UK.

The locations that have seen the biggest increase in demand include the West Midlands and Birmingham, and Yorkshire & the Humber.

The loosening of Covid-19 restrictions, improved job security, and young people moving back out of their parents’ homes have also been pinned as reasons for rent rises.

Commenting on what he thinks is the cause behind the hike, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “Throughout the Coronavirus pandemic, the Government rightly took measures to protect tenants but didn’t go far enough to balance the protection for landlords.”

He added: “It’s a continuation of the theme that we’ve seen for many years, with landlords being penalised by higher taxes and increased complexity in obtaining possession of their properties. Increased costs for landlords mean increased costs for tenants.”

Where are the cheapest places to rent in the UK?

When looking to rent a property in the UK, a whole host of factors go into decision making, but according to Statista, the most important one for 70% of UK residents is cost.

Saving on rent means that you have more cash in your pocket for the things you love. So what are some of the cheapest rental rates you can secure? By region, these include:

  • North East – Average rent: £547 per month
  • Yorkshire & Humberside – Average rent: £701 per month
  • Wales – Average rent: £702 per month
  • East Midlands- Average rent: £704 per month
  • Scotland – Average rent: £738

Specifically, the following cities offer the lowest rent prices across the UK:

  • Bradford – Average rent: £470.50 per month
  • Sunderland – Average rent: £486.50 per month
  • Kingston upon Hull – Average rent: £491.56 per month
  • Middlesbrough – Average rent: £507.71 per month
  • Blackpool -Average rent: £510.25 per month

Of course, London has some of the highest rent prices in the world. That said, there are some locations in London where you can secure slightly lower rent rates. This includes:

  • Croydon – Average rent: £1,200
  • Barking & Dagenham – Average rent: £1,210 per month
  • Bromley – Average rent: £1,250 per month
  • Redbridge – Average rent: £1,275 per month
  • Hillingdon – Average rent: £1,300 per month

For those looking to keep costs low, according to a report by SpareRoom, Bradford, Middlesbrough, and Sunderland offer some of the lowest rates to rent-a-room:

  • Middlesbrough – Average rent: £349 per month
  • Sunderland – Average rent: £350 per month
  • Bradford – Average rent: £364 per month
  • Huddersfield – Average rent: £365 per month
  • Liverpool – Average rent: £395 per month

Where are the most expensive places to rent in the UK?

Some of the prices of the most expensive places to rent in the UK will make your eyes water.

The most expensive regions to rent in the UK include:

  • Greater London – Average rent: £1607 per month
  • South East – Average rent: £1105 per month
  • East of England – Average rent: £1005 per month
  • South West – Average rent: £948 per month
  • North West – Average rent: £799 per month

Aside from London, which is the most expensive city to rent in the UK, some of the most expensive rental rates, according to Thomas Sanderson, can be found in the following cities:

  • Brighton & Hove – Average rent: £1,461.00 per month
  • Oxford – Average rent: £1,442.80 per month
  • Poole – Average rent: £1,251.25 per month
  • Bournemouth – Average rent: £1,125.89 per month
  • Cambridge – Average rent: £1,112.25 per month

Although renting a room in a house can be a way to avoid paying most of your wage packet to your landlord, there are some locations where renting a room is still pretty steep. For those weighing up their rent-a-room options, some of the most expensive places include:

  • Jersey – Average rent: £784 per month
  • Twickenham – Average rent: £684 per month
  • Barnet – Average rent: £666 per month
  • Guernsey – Average rent: £656 per month
  • Kingston upon Thames – Average rent: £644 per month

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Wednesday, September 15th, 2021 Economy No Comments

None of the content on this website, including blog posts, comments, or responses to user comments, is offered as financial advice. Figures used are for illustrative purposes only.

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