New data reveals UK cities where rents are rising the fastest. Be warned, it’s not London.
The highest increase in the country was registered in Bristol and Brighton, both seeing an average rise of 18% in rents in 2015 compared to the year before.
According to the insurance company HomeLet, the closest followers were Newcastle and Edinburgh, both seeing a rise of 16% in average monthly rents.
London’s rent only increased by 11% in comparison, but it still remains the priciest city to rent with average rents of £1,596 in Greater London.
The figures are based on tenancies signed last year compared to those signed in 2014 and take into account the average rents of the UK’s 15 biggest cities.
Martin Totty, head of HomeLet’s parent company Barbon Insurance Group, said: “Beneath the headline figures, HomeLet’s data points to some significant variations in rental market performance in 2014, both from region to region and from town to town.”
“In locations such as Brighton and Bristol, demand for rental property appears to have been particularly strong and rents on new tenancies jumped very markedly. In other areas, we saw slower growth.”
Hannah House, a branch manager at estate agent Chappell and Matthews in Bristol, said: “We believe the increase in rental prices seen in 2015 is due to number of key factors. Such as, Bristol offers a great mix of accommodation from period to contemporary living, as well as being a city bursting with culture and entertainment.”
“Many people move to Bristol seeking new job opportunities, whether this is in the local hospitals, universities, pubs, cafes and restaurants. In addition, Bristol is a location which provides an easy travel commute into London, Wales and the South West appealing to young professionals and families.”
Mr Totty addded: “Rents in London have continued to rise more quickly than in most areas of the country, but not at quite the pace of 2014; meanwhile, average rents outside of the capital rose more quickly last year than in 2014. As a result, we saw a narrowing of the rent inflation gap between London and the regions last year.”
Source: The Telegraph