Zoopla publishes average rent levels across the UK
Rents:
Zoopla the online property listing service says that renting in the UK has become more affordable, on average, as rents are rising at half the level of earnings growth.
The latest Rental Market Report, by Zoopla, shows that average rents in the UK have increased by just 2% to £876 in the current year to October 2019. By contrast, average weekly earnings have climbed 4%, they claim.
The latest report takes in average rent levels across 40 cities and 376 local authorities.
Not surprisingly, says Zoopla, their research found London is the least affordable UK city to rent in, with costs accounting for almost half (46%) a single person’s wages.
But, they say, the majority of London renters do not live alone, which cuts down on costs considerably. They give the example of two people sharing a two-bedroom apartment in the capital, which means they would only spend about 23% of their incomes on rent.
Oxford comes out as the next least affordable city outside of the capital, with tenants spending almost as much as Londoners: around 44% of their wages going on rent. Brighton and Cambridge follow on next at 42% and 41.3% respectively.
Zoopla says it finds the least affordable areas to rent in are those areas where demand for rental accommodation has grown significantly. This includes areas where employment has increased faster than housing supply, towns and cities with high student populations, and places with high house-price-to-income rations.
The report shows that Nottingham has seen the highest rental growth in the past year, at 5.4%. Leeds and Bristol follow closely behind, both at 4.5%.
Many of the most affordable places to rent a homes are found in the North East, Hull being the most affordable place in the UK to rent a home. Housing costs in Hull account for just 19% of a person’s salary. The city is followed by Bradford and Stoke, at 19.5% and 20.6%, respectively.
Rents in Middlesbrough are an average of average of £467, with Hull and Bradford at £469 and £486, respectively.
Swansea, Middlesbrough and Aberdeen have all seen rents fall during the past year. Aberdeen’s reduction of 4.1% is driven by the collapse in oil prices, Zoopla claims.
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