Rent is Increasing in Manchester
Rent in Manchester and the Northwest of England has increased by 11.3% in the last year, according to HomeLet Rental Index. With Manchester being ranked the third best city in the world in 2021 by TimeOut, it’s no wonder the demand for rental houses is increasing!
The average rent in the UK is now around £1,103 per month, however the average price per month in London is £1,832. Therefore, excluding London, the average rent price in the UK is 8.7% higher than last year (2021) with prices expected to increase further moving into 2023.
11 of the 12 UK rental regions have seen an increase with Greater London showing the biggest increase at 15.7% from April 2021. Closely following this rental increase are, the Southwest and Northwest of England with similar numbers of 11.5% and 11.3%.
Commenting on the latest data, lettings expert Mike Dawson, said:
“With continued universal pressure on households, we’re seeing tenants stay in properties for more extended periods. However, as summer approaches, we expect tenants to move at a much higher rate which means average rents for new tenancy agreements will continue on an upward trajectory.”
The chart below shows a regional breakdown of the latest average rental prices in the UK.
|Region||May-22||May-21||Annual Var||Apr-22||Monthly Var|
|Yorkshire & Humberside||£757||£697||8.6%||£749||1.1%|
|East of England||£1,062||£1,001||6.1%||£1,055||0.7%|
|UK excluding Greater London||£928||£854||8.7%||£918||0.9%|
For more information about the rent increase in the UK you can look here. Or if you would like to contact us directly, we would be more than happy to answer any questions that you may have.