Generation spent... Oxford dearest city to rent in UK
RENTING is becoming increasingly expensive, with Oxford now the least affordable place with a staggering average cost of £2,357 a month.
That is more than twice the national average rent of £1,068.
Finding the best property deal is the top priority for thousands of people, especially with inflation continuing to rise.
Affordable
A survey revealed Burnley as the most affordable location.
The average monthly rent in the Lancashire town is less than half the national average at £506 per month, pipping the Yorkshire towns of Halifax (£520) and Doncaster (£525).
Other Lancashire areas that also make the best value list include Blackpool in sixth place with an average rent of £600. The survey illustrates a huge difference from places at the other end of the scale – with London somewhat surprisingly coming only 10th in the expensive category at £1,572.
The capital is home to some of the country’s priciest places to rent – including Westminster, Kensington and Chelsea – but the analysis, by supplies company PlumbNation, takes the entire city into account.
Bath in Somerset, perhaps unsurprisingly due to its idyllic locations and breath-taking architecture, has a monthly rental of £2,115 while Brighton on £2,014 rounds off the top three.
Property expert Jonathan Rolande said: “Proximity to a university has an enormous influence on rents. Every year there is an influx of students, often with well-off parents funding a home for their child.This drives up the cost.”
Ben Beadle, from the National Residential Landlords Association, said: “Demand for private rented housing has strengthened considerably following the pandemic. But supply is failing to meet this demand, a consequence of government policies designed to dampen investment in the private-rented sector. This imbalance is one of the main drivers of rent.
“The Government needs to support growth by scrapping the stamp duty levy on the provision of homes to rent out. Taxing the supply of new homes makes no sense when faced with the housing crisis.”