September is the busiest month of the year for new tenancies across the rental market, but how much of their income, on average should tenants expect to pay on rent?
Over the last year across England and Wales, tenants paid an average of 27% of their gross income on rent. There are however regional differences, with tenants across the North East paying proportionally less, at 23%.
In the year to August 2018, rental values across the UK, excluding London, grew by 1.5%, according to the ONS. Rents rose fastest in the East Midlands and South West. By contrast, Londoners, who currently pay the highest proportion of their incomes on rent, have seen rental values drop slightly over the year.
With a shortage of stock currently available across the rental market, and continued demand, the Royal Institute of Chartered Surveyors predict rental value growth will outpace the sales market over the next five years which may well cause this figure to rise
With the North West amongst some of the lowest areas for income spent on rent, yet the best area for growth on yields, we firmly believe that the North West is the best place to live, work and indeed invest in property.