Commuter cities observe cities with unaffordable lease | EUROtoday

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Commuter cities throughout the UK are seeing enormous rises in lease as a knock-on impact of cities turning into dearer to reside in.

The price of a brand new let rose twice as quick as earnings in six British cities and cities over the past three years, in keeping with information from property web site Zoopla.

At the identical time, areas in commuting distance from main cities have seen among the sharpest will increase in lease costs.

Over the previous three years rents have risen by greater than a 3rd in Bolton, Newport and Bradford, all cities a brief journey from main cities, Zoopla information 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 very best lease 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 price of all of the areas lined 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 mentioned the expansion in rents is anticipated to gradual over the approaching 12 months.

Executive director of analysis at Zoopla, Richard Donnell, mentioned: “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.”