Commuter towns follow cities with unaffordable rent

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Commuter towns throughout the UK are seeing big rises in rent as a knock-on impact of cities turning into dearer to stay in.

The price of a brand new let rose twice as quick as earnings in six British cities and towns during the last three years, in accordance with knowledge from property web site Zoopla.

At the identical time, areas in commuting distance from main cities have seen a number of the sharpest will increase in rent costs.

Over the previous three years rents have risen by greater than a 3rd in Bolton, Newport and Bradford, all towns a brief journey from main cities, Zoopla knowledge confirmed.

It takes round 20 minutes by practice to journey from Bolton to the centre of Manchester.

A let within the Greater Manchester city price a median of £569 in December 2020 and rose to £789 by December 2023, a 38.7% enhance.

The rising price of latest allows Bolton has outpaced Manchester, the place rents have risen 37.8% in three years, from £776 a month to £1,069.

Last 12 months alone Bolton skilled the best rent rise of any UK space within the Zoopla survey, 14.8%.

Over the previous three years, rents within the city have grown on the second highest fee of all of the areas coated within the analysis.

Newport is round quarter-hour by practice from Cardiff and rents there have soared from a median of £653 to £878 in the identical time span.

Meanwhile, the price of allows Bradford, round a 20-minute practice journey from Leeds, was discovered to have risen 33.8%.

Rents outpaced earnings in Glasgow, Bolton, Manchester, London, Edinburgh and Wigan, Zoopla discovered.

However, it stated the expansion in rents is predicted to sluggish over the approaching 12 months.

Executive director of analysis at Zoopla, Richard Donnell, stated: “Rents have risen fastest in UK cities, but affordability pressures have pushed renters to seek better value for money in commuter towns where there are more homes for rent.

“Big cities have led the way on rental growth as demand rises in the face of static rental supply – we have the same number of rented homes as in 2016.

“Demand has been driven by the unaffordability of home ownership, the re-opening of the economy post-pandemic, strong jobs market, record student numbers and high immigration for study and work.

“The reality is that rents have risen as much as mortgage payments for those moving rented home after the average stay, but with no meaningful support for renters, unlike mortgagees.”

“Only increasing supply and getting more homes built across all tenures is the answer.”

Mr Donnell added: “We simply aren’t building enough homes, especially for those on mid to lower incomes.

“Rental inflation is starting to slow, largely on affordability factors which will provide some relief for renters but improving affordability will need more supply.”