Top 5 most in-demand areas in the UK to rent a property revealed

Share

Share on Twitter Share on Facebook Google plus Email

Figures from Rightmove have revealed the most in-demand areas to rent in the United Kingdom, both in and out of Greater London

couple renting a house

Figures from property website Rightmove have revealed the most in-demand areas to rent a two bedroom property in the United Kingdom, both in and out of Greater London.

The company’s quarterly review suggested the average asking rent price outside London has risen by 2.8% to £790. Rightmove suggested that there is now more choice for tenants when renting, due to an unprecedented number of available rental properties on the market outside of London. They indicated a 7% increase when compared to this time last year. Properties are also consequently taking longer to rent, 11% longer year-on-year outside the capital and 15% longer inside it.

The quarterly release detailed the best areas for renters to live by region. The top spot in the South East came out as Ascot, with Bath in the South West, Salford in the North West and Newcastle in the North East.

Best choice for renters by region

Top Locations         Region/Country Avg. Asking rent per month (2 bed)
Derby East Midlands £551
Newcastle North East £642
Aberdeen Scotland £708
Leeds Yorks & Humber £710
Cardiff Wales £750
Birmingham West Midlands £760
Salford North West £842
Bath South West £1,152
Cambridge East England £1,209
Ascot South East £1,417
Kilburn London £1,920

Rightmove’s head of lettings Sam Mitchell commented: “Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere. But clearly this isn’t happening yet. This could spell good news for tenants coming to the end of their lease as they might find there is slightly more choice than last year. Anyone hoping for a drop in prices due to the extra choice will be disappointed though as rents are following a very similar trend to previous years.”

The top five most in-demand areas to rent outside of London were reported to be areas in the South and North of England, as well as in Scotland.

Top five most in-demand areas outside Greater London

Area  Avg. Asking rent per month (2 bed)
Oldham, Greater Manchester £498
Stirling, Stirlingshire £632
Stockport, Cheshire £646
Folkstone, Kent £660
Welwyn Garden City - Hertfordshire  £1,015

What about London?

The study listed the top five most in-demand areas inside Greater London, which were all in the East of the city.

Top five most in-demand areas in Greater London

Area Avg. Asking rent per month (2 bed)
Rainham, East £1,072
Harold Wood, East £1,133
Eltham, South East £1,177
Welling, South East £1,179
Peckham, South East £1,474

The number of properties available has increased by 8%, with the average asking price for a rental property showing an annual decrease of -3.2% to £1,934. But why has the average rent decreased?

Mr Mitchell added: “In London there was disproportionate buying activity ahead of the 3% increase in stamp duty last year, and that increase in supply has weighed on asking rents in the capital. Agents and landlords should make sure that they are ahead of the curve in pricing to make sure that they react quickly in a very competitive market.”

Share with your friends