Properties in England have experienced the strongest rental growth in the past five years, new data revealed on Wednesday.
The latest research by Ideal Flatmate has examined where in the UK has experienced the largest raise in rental growth over the course of the past five years.
The data shows that properties in England have seen the strongest rental growth, up by 15.6%, in the past five years. Scotland follows at 14.7% with Northern Ireland third at 11.5%.
As for the most tenant-friendly country in the UK in terms of rental growth, Wales saw an increase of just 3.11% over the past five years.
In terms of regions, Ideal Flatmate said that the East of England has been the worst region for proportional rental growth with a 22.1% increase. This is followed by the East Midlands at 14.94%.
York has seen the largest increase, rising 38.1% across the five year period from £749 per month to £1,034.
Manchester follows with a 37.8% rise and Ipswich closely comes in behind it.
“While initial rental affordability may be based on the cost of renting in a given area, many renters are aware of this cost and make a choice to live there,” Co-founder of Ideal Flatmate, Tom Gatzen, said in a statement.
“However, the real squeeze in rental affordability is the continued increase in rents in many parts of the UK on an annual basis. While an increase of £250 over five years might not sound significant, for those renting in York and already struggling with the cost, it’s enough to price them out of the sector altogether,” Ideal Flatmate’s Co-founder continued.
“Over the last five years, the growing preference for people to share the burden and live with others rather than go it alone has been driven out of necessity rather than choice, but at least, we have better platforms, technology, and transparency to accommodate this growing trend now.”
Elsewhere in UK property, new data revealed the market’s seasonal trends.
