Manchester one of UK areas where cost of residential rents are soaring

New research shows that rents are now 40% higher than a year ago, compared with mortgage prices of 13%, and Manchester is one of the areas showing the biggest increases.

The figures, from Rightmove, show that average private rents have hit record highs, jumping by more than 20% in some areas such as Manchester. The average advertised rent outside London is 11.8% higher than a year ago, while in the capital it is up by 15.8%.

Rightmove’s table of rental price hotspots was topped by Manchester, where the average asking rent is up 23.4% in a year – from £913 in the second quarter of 2021 to £1,127 in the same period this year.

Manchester has risen 26 places in this year’s Global Liveability Index, making it the top most liveable city in the UK and 28th across the globe.

Every year, The Economist releases its rankings of the most liveable cities in the world, and this year’s list included 172 cities in total – up from 140 last year.

It is ahead of the capital city of London, placed 33rd in the world, as well as other major cities including Barcelona, Los Angeles, Perth and Milan.

Daniel Jackson, sales director of Sale-based Sequre Property Investment, said: “Private rents are growing by the fastest annual rate since 2016, according to the Office for National Statistics.

“Regions in the UK that have traditionally had lower rent prices like Scotland, the North and the Midlands are seeing some of the highest annual rent prices since records began.”

He added: “It’s a landlord’s market and despite rising interest rates, there has arguably never been a better time to invest in buy-to-let property. Since the rise in living costs, tenants have been choosing to move outside higher priced hotspots and looking in areas within commuting distances to major city centres.”

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