Rents rising faster in Yorkshire than nearly anywhere else in the UK

Rents in Leeds rose faster than almost anywhere else
Rents in Leeds rose faster than almost anywhere else
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Rents in Yorkshire are becoming increasingly unaffordable, rising faster than almost any other region last year, and outstripping pay rises in some places.

Yorkshire rents rose an average of 2.8 per cent in the last year, behind only the East Midlands, which grew 3.2 per cent over the same period.

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Leeds was one of the most unaffordable cities in the UK, where rents averaged £707 a month and grew by 4.5 per cent. Only Nottingham, where rents went up by 5.4 per cent, rose faster, according to the research by property listings site Zoopla.

During this time, pay increased by an average of 3.8 per cent across the UK.

The average rent in Yorkshire was £578 a month, the second-lowest in the UK after the North East at £503 a month. In London, rents were nearly three times those in Yorkshire, averaging £1,622 a month.

UK-wide rental prices were up 2 per cent annually to £876 – a three-year high.

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Meanwhile, Hull and Bradford were the most affordable as people spend the least on rent. For a single person, Hull was the most affordable place in the UK, with only 19 per cent of a single earner’s salary spent on rent.

Richard Donnell, research and insight director at Zoopla said despite the rises, renting was 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 per cent of whom exit the private renting sector to buy, has also moderated rental demand.

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“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.

“Whilst 46 per cent of an average single person’s earnings will go on rent in London, the majority do not rent on their own, which improves the affordability profile.”