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Rental rates near you

Posted on 2015-01-28

According to data from our Rental Index, the overall cost of renting in 2014 rose by 6.6%, compared with 2013. However, this headline figure doesn’t give us information about specific cities and regions, which can sometimes unveil some interesting surprises, especially in comparison to Halifax House Price Index.

So that you can see what the rental landscape looks like near you, we’ve selected a number of towns and cities from across the UK’s regions, taking a closer look at their annual variance. As well as this, we discuss what’s great about living, as a tenant, in each location. Read on to see what the landscape is like near you.

North West: Manchester

HomeLet Rental Index Data: £596 to £557 = -7%
Halifax House Price Index:
Std Price: £139,642
Annual Change: +4.9%

Image of Manchester

One of the North’s major cities, Manchester is a popular choice for tenants of all ages - which is unsurprising, given the choice of shopping arcades and amenities, top Universities and sports teams. Despite having so much to offer, prices have fallen by 7% due, in part, to a number of investments and developments currently ongoing and upcoming in the city, ultimately raising the amount of supply available.

Manchester’s Northern Quarter is a hub of creativity, and it is also the home of many successful independent business ventures. On top of this, as the ‘birthplace of the Industrial Revolution’, Manchester, continues to evolve its manufacturing sector, which has led to Nobel Prize winning graphene and the University of Manchester’s quantum dots development. With successful start-up businesses and jobs in engineering available, Manchester is the perfect location if you’re thinking of changing career.

Yorkshire and Humberside: Leeds

HomeLet Rental Index Data: £620 to £612 = -1%
Halifax House Price Index:
Std Price: £129,351
Annual Change: +1.3%

Image of Leeds

Another popular Northern city, Leeds has seen a lot of property development in recent years, with rental prices dropping by 1% over the last 12 months. Leeds remains popular with a number of demographics, including students who attend its three universities. Celebrated for its excellent city-centre shopping, its vibrant nightlife and its varied mixture of high to low end properties, Leeds has plenty to offer for any prospective tenant.
Described as ‘the gateway to Yorkshire’, Leeds is on the foothills of the Yorkshire Dales, so you can enjoy living in a cosmopolitan city and a country retreat all in one; and there are 4,000 hectares of green space in the city alone. The financial and commercial heart of West Yorkshire, Leeds has everything you need if you’re looking to be successful in retail or finance.

East Anglia: Cambridge

HomeLet Rental Index Data: £808 to £1,001 = +24%
Halifax House Price Index:
Std Price: £183,264
Annual Change: +8.9%

Image of Cambridge

The city of Cambridge has seen an increase in rental costs due to property demand exceeding supply, mainly due to the number of students who attend its world class university. It’s not hard to see why living in Cambridge is so sought-after by prospective tenants, especially as the city contains a wealth of picturesque scenery and quaint English architecture.

Outside of student life, Cambridge is a great place to live for those looking for private sector jobs, as it is right in the heart of Silicon Fen. If you’re interested in working in the technology sector in particular, then Cambridge is the perfect place to locate, as all of these aspects, when combined with its charming shopping arcades and excellent transport links to London, mean that its popularity is likely to remain for some time.

The South West: Gloucester

HomeLet Rental Index Data: £529 to £646 = +22%
Halifax House Price Index:
Std Price: £200,430
Annual Change: +4.5%

Image of Gloucester

Continuing the trend of supply outstripping demand, Gloucester, in the west of the country, has seen a rise of 22% in rental costs. The city’s signature cathedral is one of the more famous features, but the city itself has a number of other historical interest sites such as St. Oswald’s Priory and the Victorian Docks. Another appealing aspect is the abundance of neighbouring parks and green-spaces, with the Cotswolds on one side and the Forest of Dean on the other.
If you’re interested in history or are keen to work in sites of historical interest, then Gloucester is perfect for you. It is home to King William I’s Christmas Court commissioned for the Doomsday Book; the burial place of King Edward II; and it is also the place that Roman Emperor Nerva made a Colonia, the highest status for a place of settlement in the empire- praise doesn’t come much higher than that.

Wales: Cardiff

HomeLet Rental Index Data: £486 to £462 = -5%
Halifax House Price Index:
Std Price: £153,004
Annual Change: +2.6%

Image of Cardiff

Cardiff is another of the UK’s major cities that has seen a fall in rental prices but, much like many of the others; it’s still a very popular place to want to live. The bustling nightlife and cultural attractions are a big draw for younger people in particular, but there’s also a choice of industries within the city offering lots of job opportunities. This is especially true if you’re looking for a job in the sport or culture sectors, with Cardiff being home to most of these opportunities in Wales.

Of course, as well as with cities, there are smaller variations within regions. Take a look at the full Rental Index and you’ll be able to see what the rental market is like in your area.

All images courtesy of Shutterstock

Figures correct as of 22/01/2015 and courtesy of the HomeLet Rental Index unless otherwise stated.

Halifax House Price Index can be found here

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