Property Property News

The UK’s cheapest places to rent a home

  • March 27, 2024
  • 2 min read
The UK’s cheapest places to rent a home

The average rent in the UK is now £1,223, a 7.8% increase over the last year. It is the lowest rise for two years as rental market begins to cool. Demand has dropped a fifth in a year while supply has risen by a fifth over the same period.

But rents are expected to rise in 2024, albeit more slowly. This is because rental demand is double the rate of before the pandemic with 15 enquiries per home to rent. Meanwhile, supply of rental homes remains 28% below the average before the pandemic.

The good news is that there are places in the UK where it is much more affordable to rent a home compared with others. The North-East has the cheapest with renters spending an average of £695 per month there. It is also the only region with no rental market averaging over £1,000 per month. Northern Ireland, Scotland, Yorkshire and the Humber, and the North-West are also at the cheaper end of the scale as rents average less than £800 per month at the start of 2024.

As expected, it is in the South of England where rents are much more expensive. London averages £2,121 per month, twice as much as any other region in the country. However, London also has the sharpest slowdown in rental rises, +5.1% compared with +15.3% just a year ago.

The capital is followed by the South-East at £1,325, where nearly all private rental homes are in areas averaging higher than £1,000 per month. In 2020, it was less than half that were in such areas. Then there’s the East of England with £1,163 and with 70% of homes in £1,000 markets, and the South-West, £1,077, has over half over that benchmark.

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