Tenants face tougher rent affordability in many areas
London is still the region requiring the highest salary to cover rent, according to Propertymark's Kim Lidbury.
Rental affordability has worsened in many parts of Britain with higher salaries needed to meet rent demands.
Research by Propertymark reveals the situation deteriorated in eight regions, with the wage required to secure an average-priced rental increasing year-on-year.
Scotland recorded the largest rise at 3.2%, followed by Wales at 3% and the South West at 2.5%.
Encouraging signs
There were encouraging signs in three regions, with the salary requirement falling in the North East by 6.1%, the East Midlands by 2.8% and the North West by 1.1%.
London continues to have the highest affordability threshold, with a representative annual salary of £69,660 required to secure an average-priced rental. This compares with £29,130 in Yorkshire and Humberside.
Overall, October’s figures point to renewed upward pressure across much of the private rented sector, Propertymark says.
Average monthly rents also increased in eight of the 11 regions between September and October, with Wales recording the largest rise at 31.1%, followed by the North East 29.8% and the South West 7.5%.
Scotland, London and the North West were the only regions to record monthly falls.
Sustained focus
Kim Lidbury, President of ARLA Propertymark (pictured), says: “The particularly sharp rises recorded in Wales and the North East stand out, demonstrating how quickly rental costs can change and the differing pressures experienced across the country.
“Ultimately, improving affordability will require a sustained focus on increasing the supply of good-quality rental homes.”
She went on to say: “Supporting responsible landlords to remain in the sector and invest in their properties, while addressing the wider shortage of housing, will be essential to creating a more balanced and sustainable private rented sector for tenants.”
Landlords struggled to secure rent rises in September, research claims
