The latest HomeLet Rental Index has revealed that, across several regions in the UK, the income of tenants is rising. Here we look at what the data shows and what regions are seeing rental incomes rise.
What does the data show?
The data from the recent HomeLet Rental Index shows us the ever changing outlook of the UK’s rental market. The table below shows us the disparity between the regions in the UK, including the average rent in the region as well as the % rent change on last year and the % income change on last year.
|Region||Average rent||% Rent change on last year||% Income change on last year|
|Yorkshire & Humberside||£621||2.0%||0.9%|
From this table it’s clear that some areas are seeing income rise, while others are seeing tenant income fall. Here’s a rundown of the three regions where tenant income is rising and what the % change in rent has been during this time.
#3 Greater London (1.5%)
Although Greater London may have the most expensive rental rates, with the average rent standing at £1,560 (a 7.5% increase on this time last year), tenant income rose by 1.5% when compared with the previous annual period.
Greater London has a lot on offer to attract tenants. From a vibrant job market packed with opportunities for graduates to a bustling music and club scene, there’s something for everyone in Greater London. The really great thing about London is that the different boroughs mean there’s an area that suits your style. From trendy Shoreditch to affluent Chelsea, there’s the perfect location for you. With the Tube, you’re always connected and never far from work or friends.
#2 North East (3.0%)
In the North East, tenant incomes rose by 3.0% when compared with last year. In the same period, rents have risen by 3.9%, with the average rent now standing at £536.
Covering Durham, Northumberland, Newcastle and Sunderland, as well as lovely quaint villages and towns, the North East is a great place for tenants to live. Packed with history and culture, the North East’s home to a number of castles and museums, as well as some of the greatest universities in the country. Plus, being on the doorstep of Scotland, you’re under two hours away from Edinburgh by train.
#1 Scotland (7.2%)
Scotland has seen the largest rise in tenant income in comparison with last year according to our recent study, with the percentage income change standing at a massive 7.2%. However, in the same period, rental rates have also increased by a rate of 9% meaning that the average rent in Scotland now stands at £665.
Scotland is proving more and more popular with tenants. It’s easy to see why, too. The home to the Fringe Festival, Edinburgh has something for everyone. With plenty of space in the highlands for those looking to be at one with nature, there are a number of great reasons why you’d love to live in Scotland.
With tenant income rising in these regions, it appears as though they could prove even more popular with tenants. The findings will surely prove to serve as food for thought for both tenants and landlords.