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Property rental cost changes have varied from area to area across the UK since last Christmas, bringing Christmas joy to either landlords or tenants depending the change.
Using data from the ONS, lettings management platform, Howsy, has highlighted the locations to have seen the biggest increases and decreases in the average rental cost since last Christmas.
Depending on whether you’re a tenant or a landlord, the naughty and nice lists will differ between rental growth and decline but across the nation as a whole, the average rental cost has edged up 0.9 per cent in the last 12 months.
The largest increase has been in Yorkshire and the Humber with a 5.1 per cent jump, while the North East is the only region to have seen a decline at -1.1 per cent.
Rental Cost Drops
Looking locally, tenants in Corby will be full of Christmas cheer with the average cost of renting down -10.5 per cent in the last 12 months, the biggest drop across England. Elmbridge in Surrey has also seen the cost of renting drop by double-digits, down -10 per cent.
Windsor and Maidenhead, Wycombe and Bath and North East Somerset also make the top ten biggest rental declines. At -7.2 per cent, Richmond has seen the largest drop in rental values in London, with Tandridge, Stroud, Rushcliffe and Poole also amongst some of the largest drops.
Rental Cost Increases
It’s not all festive cheer for tenants this Christmas though, particularly those in Exeter, with the average rental cost up 28.7 per cent in the last 12 months. Norwich and Newcastle under Lyme have also seen rental prices jump by more than 20% at 21.1 per cent and 20.5 per cent respectively.
Camden has seen the largest increase in the capital, up 18.8 per cent, along with South Oxfordshire at 16 per cent. The City of London, Westminster, York, Hounslow and Mendip have all seen the average cost of renting increase by more than 10 per cent this year.
Founder and CEO of Howsy, Calum Brannan, commented: ‘The change in the cost of renting on a regional basis in the last 12 months alone highlights how diverse the rental market is and how fluctuations in stock levels and tenant demand can make a big difference between one area and the next.
With a number of legislative changes introduced this year, the rental sector should become a better, more transparent place for tenants and landlords alike as we head into a new decade and this is something we can all look forward to regardless of the change in rental cost.’