North of England Leading The Way
For Renting Property
Renting property is more affordable in Northern regions of the UK as property prices in some areas stretch beyond of the reach of the average earnings of first-time and next-time buyers.
Chichester is the least affordable place to buy or rent property in the UK, whereas Hull and Belfast are the most affordable.
Middlesbrough, Dudley and Wolverhampton have the most affordable rental markets in the UK with 99% of properties within an average working couple’s budget.
The North-South divide is still prevalent in the UK property market with the most affordable properties located in the North of the country, where first-time and next-time buyers in full-time employment have the largest pool of properties within budget to choose from
Rental prices in East Anglia and the South East of England are among the highest in the UK according to analysts as these areas outperform the rest of the country, due to high tenant demand.
Private rental sector rents in East Anglia and the South East of England increased by 0.81% and 0.79% respectively, however, average private rental sector rental prices only increased nationally by just 0.01% in July 2013.
Private rental sector rents in the North of England are well up on those of a year ago, but monthly figures are down in Yorkshire & Humber, where the average rent is still below £600 (GBP). London is the only region in the UK to have lower average rents than they were in July 2012
Some critics are suggesting that growth in the UK’s PRS had already peaked before July 2013 as rents had reached an average of £967 (GBP) per month, however, demand for renting property continues to outstrip supply in most UK regions.
On the whole, PRS rents in the UK are fairly stable, only showing moderate growth, but some parts of East Anglia and the South East of England have increased rental prices again in July, as demand increases because tenants are looking for properties outside of London that are still within an easily commutable distance.
Property prices in Hull, Middlesbrough and Bradford average £124,438 (GBP) and these properties are only 2.2 times the average couple’s earnings and most rental properties are within budget for those in full-time employment.
These areas could be potential high rental yield hotspots for buy-to-let property investors due to the unprecedented demand and investors are advised to snap up property bargains now using buy-to-let mortgages.
Portsmouth is the most affordable city in the South of England for property purchasing, with over 68% of properties on the market within the averaging working couple’s budget.
Chichester is followed by Oxford, Guildford, Brighton, Exeter, Winchester, Wolverhampton, London, Cambridge and Chelmsford as the most unaffordable places for renting property or even to purchase property in the UK.
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