Homelet have just released their latest Rental Index and the bad news for renters is that the average rent on the Wirral, over the North West and across the UK has risen.
For June 2019 their data shows an average rental price of £941 for a new tenancy in the UK. This is up by 1.8% on last year.
Rent in London
Although rising at a lower rate, increasing by 0.9% in June 2019 compared to the same month of 2018; rent in London is now an average of £1,611 a month. This is an eye-watering 71% higher than the rest of the country.
Taking London out of the equation it shows that the average UK rent was £781 in June 2019 – rising 1.8% on last year.
Commenting on Homelet’s Rental Index for June 2019, Martin Totty, chief executive at HomeLet, said:
“Since the beginning of the year we have observed a gradual decline in the year-on-year variations in London rents, which reflects what is also being observed in the London housing market thus far in 2019.
“What is most striking about the latest data is the consistency of rental prices we are seeing across the whole UK, with all regions recording a continued year-on-year increase. This is a continuation of the theme we’ve been seeing since mid-2017 as rents have continued to edge up.”
Average rent on the Wirral rises by 2%
Rent in the North West, including the Wirral and Chester, has also risen. The average rent on the Wirral and in the North West has gone up from £697 to £711 in the past year.
The continued rise in rent across the UK explains why so many customers are keen to move from renting to home ownership.
Buying your first home
Having a mortgage can often be cheaper than the cost of renting, with the added bonus of the property you’re living in being your own. Buying your first home is always a big step, but Dan The Mortgage Man is here to help.
You only need a 5% deposit to put towards buying a property, though in some cases it’s possible to buy without putting a deposit down at all (although the mortgage lender will expect a friend or family member to put at least 5% into a savings account with them for a few years.)
If you want to see how Dan The Mortgage Man can help First Time Buyers, or if you have any questions or queries, simply contact Dan and the team:
Office: 0151 601 4234
Mobile: 07837 820 894
Do you think it’s cheaper to rent or to have a mortgage at the moment? Leave me your thoughts in the comments section.