Wales see weakest rental growth over last five years
Properties in England have seen the strongest rental growth in the UK in the past five years, rising by 15.6%, the latest lettings figures show, Wales the weakest.
In Scotland rents have increased by 14.7% over the same period and by 11.5% in Northern Ireland while in Wales they have risen by just 3.11%, according to a new report from Ideal Flatmate.
The study also shows that there are considerable variations regionally in England. The East of England has been by far the worst region for proportional rental growth, rising by 22.1% with a rise of just 14.9% in the East Midlands.
There’s has been growth of between 12% and 13% across the rest of England, with the exception of the North East, where average rents have grown the least at 10.41%.
Typical rents in York have increased by 38.1% between 2014 and 2019, rising from £749 per month to £1,034, followed by Manchester at 37.8%, Ipswich at 37.7% and South Gloucestershire at 37% while in London Barking and Dagenham has seen the largest increase at 33.2%.
Average rents in Aberdeen City and Moray, both in Scotland, have each fallen by 21.7% in the past five years from £923 to £723. Meanwhile, Leeds has seen the biggest rental fall in rents in England, down by 18.1% from £928 to £760.
‘While initial rental affordability may be based on the cost of renting in a given area, many renters are aware of this cost and make a choice to live there. However, the real squeeze in rental affordability is the continued increase in rents in many parts of the UK on an annual basis,’ said co-founder of Ideal Flatmate, Tom Gatzen.
‘While an increase of £250 over five years might not sound significant, for those renting in York and already struggling with the cost, it’s enough to price them out of the sector altogether,’ he explained.