The average cost of renting in England is almost unchanged from five years ago – although that masks significant localised variations.
The latest research from international rental marketplace Spotahome reveals which areas of the UK have seen the highest rate of rental increase in the last five years.
Spotahome analysed data on average monthly rental costs across the UK since 2015 and the figures show the average tenant in England now paying a mere seven per cent more at £843 a month, compared to £788 five years ago.
However, in the East Midlands and East of England, the average rent has climbed by 15 per cent in the last five years, also up 14 per cent in the South West. While London remains the most expensive for flat out rental costs, it is the only region to have seen the cost of renting decline – down two per cent.
Exeter has seen the largest uplift in the cost of renting of all areas in England with a huge 39 per cent increase since 2015. Oxford and Newcastle-under-Lyme have also seen some of the largest increases at 32 and 31 per cent respectively.
Bristol, Newcastle upon Tyne, Leicester and Norwich are all up 28 per cent since 2015.
Amongst the fallers, Hounslow in London tops the table with the current average monthly rent of £1,352 coming in 13 per cent lower than the average cost of renting five years ago.
Richmond and Kingston also rank in the top 10 fallers along with Windsor and Maidenhead, Elmbridge, Canterbury, Three Rivers, Runnymede, Sevenoaks and Bracknell Forest. In London itself, the City, Kensington and Chelsea, Barnet, Camden, Hillingdon and Westminster have all seen the cost of renting decline.
Spotahome’s Nadia Butt says: “While London remains the most expensive place to rent in the UK this causes many tenants to automatically assume that this cost has continued to increase over the last few years and this simply isn’t the case.
“When you consider the higher cost of renting within the capital is partially offset by the higher wages on offer, and that this wage growth has remained fairly consistent, it means that London tenants are actually much better off now than when compared to five years ago.”
This post has originally been featured in Letting Agent Today.