As Britain’s property market continues to cool, rental prices are dropping too. According to data from HomeLet, rental prices in five of seven UK regions dropped between September and October.
However, they are still 7.5 per cent more than in the same period of last year.
London still has the UK’s highest rent to income ratio. The mean average cost of renting in London (£1,413) is 49 per cent of the average income in the city, compared to 47 per cent for Edinburgh (£700) and Birmingham (£550).
Meanwhile, if you’re looking for cheaper rent, then you might want to consider the most affordable city in the UK – Plymouth – with the average rent of £510 accounting for only 27 per cent of average annual income
Commenting on the report, Martin Totty, Barbon Insurance Group’s (of which HomeLet is a part) chief executive officer, said: “The divide between areas that previously registered fast-growing rents and those where increases were more modest suggests that the market may be levelling out geographically. All around the UK, landlords continue to make sensible decisions about the ability of tenants to pay rents.”
We love vibrant London life, so are chuffed that the market is smoothening out and giving us some breathing space.
If you’re wondering what the most affordable cities are after Plymouth, these are Cardiff, Leeds, Norwich and Glasgow – not bad choices either!