Zoopla publishes average rent levels across the UK

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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.

Zoopla Market Report

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