With buying a home and owning your own property becoming an almost impossible task for first time buyers due to the cost of living and high mortgage rates, many people are forced to continue renting properties instead. This is causing the age for people to own their own home to increase each year.

This has caused the demand for rental properties to double since pre-pandemic levels however, the supply remains at 28% below pre-pandemic level. The race to rent is intense across the country as properties don’t stay on the market for long.

 

Average rent

Zoopla report that the average rent prices across the UK is at £1223 which is +7.8% from the last year. Despite the increase this is still the lowest level of rent rises seen in the last two years, could prices be coming down?

 

The cheapest places to rent

With London being the most expensive place to buy property is continues the theme with being the most expensive place to rent too, not surprising to anyone.

If you are looking for cheaper areas to live to help your money go further then this list is for you.

With the cheapest area being the North East of England to rent  with average rental property costing £695 per month.

 

The cheapest cities to rent

  • Burnley – Average rental price at £566
  • Grimsby – Average rental price at £608
  • Hull - Average rental price at £612

 

Popular Cities below £1000

There are some areas of the UK which are popular among young people and professionals to rent and live which have average rental prices below £1000 a month. These include:

 

  • Liverpool – Average Rental price a £801
  • Sheffield - Average Rental price at £809
  • Newcastle - Average Rental price at £833
  • Nottingham - Average Rental price £947
  • Leeds - Average Rental price at £969