UK property rentals are showing their strongest growth in five years, new data revealed on Wednesday.
The latest research by Ideal Flatmate has looked at where in the UK there has been the strongest rental growth over the past five years.
The data shows that property rentals in England have increased by 15.6% over the past five years, showing the strongest growth. Scotland follows with 14.7%, followed by Northern Ireland in third place with 11.5%.
Wales is the UK’s most tenant-friendly country for rent growth, with an increase of just 3.11% over the past five years.
By region, Ideal Flatmates said the East of England was the region with the worst proportionate growth in rents, with an increase of 22.1%. This is followed by East Midlands at 14.94%.
The biggest rise was in York, where prices rose by 38.1% over five years, from £749 to £1,034 per month.
Manchester follows with a 37.8% rise, followed closely by Ipswich.
“While initial rent affordability may be based on rents in a particular area, many renters are aware of this cost and choose to live there.” Ideal Flatmate co-founder Tom Gatzen said in a statement.
“But what’s really putting pressure on rent affordability is that rents continue to rise every year in many parts of the UK. As if a £250 rise over five years isn’t a big deal. As much as it may sound, for those renting in York and already struggling with costs, this is good enough value to exclude them from the sector altogether,” continued the co-founder of Ideal Flatmates. .
“Over the past five years, there has been an increasing tendency for people to share burdens and prefer living with others rather than going it alone, but this has been more of a necessity than a choice, but at least We have better platforms, technology and transparency to accommodate it. This trend is still growing.”
Elsewhere in UK property, new data has revealed seasonal trends in the market.
