The data from our latest Rental Index has shown that London and the South East continue to be the most expensive regions to rent in the UK, and both of these areas saw rises in the average rental rate for new tenancies in the three months to February.
London in particular saw a significant annual rise of 10.3% from £1,281 up to £1,413, an increase of £132. The South East saw a smaller - yet still notable - annual rise of 4.9% with costs jumping from £840 to £881.
Due to these high rental rates, many with jobs in the capital are beginning to look elsewhere for homes. With both London and the South East being expensive, where else can tenants look for homes?
Searching for a sensible option
The practicalities of commuting to London are a big factor to take into consideration. You only have to take a look at our recent infographic to realise that travelling on the underground alone can be an expensive and somewhat hectic experience. As well as this, there’s also a cost consideration as, although you’ll save money on rent, your budget for travelling and commuting will increase substantially.
Along with this, like with any house move, the best and indeed more sensible option is to also find somewhere that can offer you a decent standard of living, without the higher expenses on rent.
Looking to the east
According to the data on our Rental Index, East Anglia could be a viable option to consider. Despite also seeing rises in the two variances, overall the average rent in the three months to February 2015 was only £760, compared to £881 and £1,413 of the South East and London respectively - making East Anglia one of the cheapest and commutable to the capital.
Tenants can find a broad range of property types throughout East Anglia which would be otherwise more expensive in London and the South East. Also, whilst Cambridge may have recently seen 24% rise in rental prices, for higher-end properties it's still far more affordable than those in the capital.
On top of this, many of the major towns and cities across the four areas (Norfolk, Suffolk, Cambridgeshire and the Unitary Authority Area of Peterborough) that make up the region offer excellent rail links to many of London’s central stations.
Of course, places like Huntingdon and Peterborough that are closer in proximity can offer you the shortest journey directly via train, but the Great Eastern and West Anglia Main Lines provide less-stressful direct routes to London Liverpool Street. The latter of which connects as far north as Norwich.
Further information about what East Anglia has to offer in terms of amenities and attractions can be found via the region’s tourism website.
All figures from HomeLet’s Rental Index, correct as of 18/03/2015
Image courtesy of Shutterstock.