Good news, renters.
A new report from Zoopla suggests that the affordability of rent is improving, mostly because more people are making the move to home ownership.
While in 2016 a typical single earner spent 33.3% of their earnings on rent, now they spend 31.8%.
No, that’s not a massive drop, but let’s just take this as a positive. We really need a win.
Of course, some areas are more affordable than others.
The Zoopla report found that Hull is the most affordable place to rent, with the average single earner dedicating 19% of their salary to rent.
Next up in the affordability stakes is Bradford, where tenants spend an average of 19.5% of their pay on rent, followed by Stoke, where on average 20.6% of a person’s salary goes on rent.
Bear in mind that this ranking is based on affordability – meaning it’s worked out on the area’s average salary as well as the average rent.
So while Hull is the most affordable, it’s Middlesborough that’s actually the cheapest place to rent a home. The average price of rent in Middlesborough is £467 a month, while in Hull it’s £469 (hope you can afford that extra £2), and in Bradford it’s £486.
No prizes for guessing the least affordable place to rent in the UK.
That’s London, obviously, with the average single person spending 46% of their wages on rent.
If you’re lucky enough to be coupled up you can make the affordability of London far better. The majority of renters don’t live on their own, which reduces the costs of renting a property.
Outside of London, the next least affordable place to rent is Oxford, with 44% of a salary spent on rent, followed by Brighton and Cambridge, at 42% and 41.3%, respectively.
If you don’t know what city you want to move to and would prefer a more general estimate, the Zoopla report also looks at how average rent compares in different regions.
Those wanting to cut back on their housing costs are best off moving to the North East, where rent is an average of £503, with people spending 22.3% of their wages on rent.
Rent affordability by region:
Average monthly rental prices followed by the year-on-year increase and the affordability for a single earner, showing how much of their money would typically go on rent, according to Zoopla:
- England, £900, 2.0%, 32.1%
- Scotland, £625, 2.9%, 24.2%
- Wales, £592, 1.9%, 24.5%
- Northern Ireland, £587, 1.8%, 24.9%
English regions;
- East Midlands, £638, 3.2%, 25.8%
- Yorkshire and the Humber, £578, 2.8%, 23.3%
- South West, £787, 2.6%, 30.8%
- London, £1,622, 2.3%, 45.9%
- North West, £599, 1.8%, 24.2%
- Eastern, £876, 1.6%, 30.2%
- South East, £1,007, 1.4%, 32.9%
- West Midlands, £660, 0.8%, 26.6%
Richard Donnell, director of research at Zoopla, said: ‘Renting is more affordable today than the 10-year average.
‘This follows weak rental growth over the last three years, and an acceleration in the growth of average earnings.
‘First-time buyers, 80% of whom exit the private renting sector to buy, has also moderated rental demand.
‘Rental affordability varies widely across the country, reflecting the relative strength of local economies.
‘High house prices increase the underlying demand for rented homes.
‘Meanwhile, in markets where buying is more affordable, rental demand is limited, resulting in lower rental values.’
Across the UK, homes take 17 days to rent on average – down from 19 days a year ago.
But in some cities, the average home rents out much faster than this – including Brighton (13 days), Nottingham (12 days), Edinburgh (11.3 days), York (10 days), and Bristol (9 days).
How to get involved in What I Rent
What I Rent is Metro.co.uk's weekly series that takes you inside the places people are renting, to give us all a better sense of what's normal and how much we should be paying.
If you fancy taking part, please email whatirent@metro.co.uk.
You'll need to have pictures taken of your kitchen, living room, bathroom, and bedroom, plus a few photos of you in your room. Make sure you get permission for your housemates!
You'll also need to be okay with sharing how much you're paying for rent, as that's pretty important.
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source https://metro.co.uk/2019/10/16/hull-affordable-place-rent-uk-10926701/
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