North West residential rental prices rise, creating a ‘lose-lose’ situation
Average rental prices across the North West are continuing to rise, with increases hitting almost two per cent in September.
That’s the findings of private rented sector specialist HomeLet’s latest Rental Index, which uses data from more than one million references processed each year on behalf of 5,000 UK letting agents.
Generally in the UK, rental prices increased by 1.19% from last month, meaning the average renter can now expect to pay around £1,276 pcm for their home.
The highlights from the latest report are:
● The North West’s rent prices are now, on average, around £1,006 pcm, an increase from last year of 10.43%.
● Many renters are being priced out of accommodation, with rent-to-income ratios now at around 29.6%.
● The average UK rental price hits another all-time high of £1,276 pcm, increasing a further 1.19% from last month.
● Excluding London, the average price of rent in the UK is £1,061 pcm, up 0.95% from last month.
The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.
Andy Halstead, HomeLet & Let Alliance chief executive, said: “Rental prices in the North West are at an all-time high, painting a bleak picture amid the cost-of-living crisis.
“Unfortunately, nearly 30% of a rent-to-income ratio isn’t at all sustainable and we need to see improvement in the cost-of-living crisis pretty soon to ensure that the North West’s renters aren’t being priced out of their homes.”
He added: “The simple fact of the matter is that this is a lose-lose situation for both landlord and tenant.
“Renters are being priced out by increasing costs, and property owners will struggle to fill vacancies whilst they manage rising running costs on the homes that they own.
“Nobody is benefiting from this and, as always, we can only hope to see the variances decrease as the months progress and the cost-of-living crisis begins to flatten.”
