Towns within commuting distance of big cities have seen some of the UK’s largest rent rises in recent years, says Zoopla.
The cost of new lets rose by more than a third in Bolton, Newport and Bradford between 2020 and 2023, as working from home encouraged people to rent bigger places further from cities.
"They may only go into the office two or three times a week and, if they are in a flat, may have looked for a bit more room” according to Richard Donnell, Zoopla's executive director of research.
The figures, compiled for the BBC, tracked rents in 65 cities and large towns in the UK. Six of the 10 biggest increases were within relatively easy access to London, Leeds and Cardiff. They included Wigan, Newport, Bradford, Rochdale and Luton.
But they were led by Bolton, where rents for new lets were up nearly 39 per cent in three years, including almost 15 per cent in 2023 alone.
The number of rented homes had barely changed since 2016, failing to keep pace with exceptional demand in the last couple of years.
Donnell believes immigration, a strong jobs market and the return of students after the pandemic led to demand for city flats, prompting some tenants to look further afield.
Although rents are expected to keep rising, tenants should see the pace of growth fall quite sharply in the coming year, according to Donnell; he says some over-ambitious asking rents are already being reduced on portals.
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Rents will only continue to go in one direction UP UP UP. Fine by me.
Not for long. It is only a matter of time before we have rent freezes and rent control. The politicians don’t care whether it works. They just see it as a vote winner. I wonder how many private landlords there are? We are voters too.
Rent controls in Scotland have been great for the landlords who have stayed the course.
Last year I got an extra 33% rent on a new tenancy and this year will get a further 6 to 12%, all within the rules set by the SNP and their little Green helpers who still claim to be looking after tenants.
Social housing were allowed a 7% rent increase last year and about the same again this year.
Rent controls not only don't work. They don't actually exist in practice!
Wow. Says all really.
This report is over simplistic. Prices are being driven up by many factors, but principally a lack of supply driven by government changes in regulation, policy and taxation.
Please consider the following:
1. Government has banned agents from charging tenants application fees and background checks, these became the LL's responsibility. This cost has been passed on to the tenants in increased rent.
2. The government removed the ability to deduct mortgage interest as a cost, so this increased cost to LL's has been passed to the tenants.
3. LL's are now required to provide electrical safety certificate (not required if the owner lives in his own property. Typical electrician sees the need for this certificate as a license to print money) all costs associated get passed on by the LL to the tenants.
4. Increased mortgage interest costs, these also get passed on to the tenants.
5. Increased tax and regulations are driving many LL's away from the market, reducing supply at a time when demand for rental property is increasing, again pushing up rent prices.
6. The government is doing nothing to encourage increased investment is the PRS, in fact they are doing the opposite, making many LL's consider leaving the sector.
7. High rental prices in cities driven by the above are pushing many further out of cities to rent at a lower cost outside the cities.
I have multiple rental properties within commuting distance of London and have seen prices forced up by all the above factors.
If tenants what lower rental prices, then the address to write to is No. 11 Downing Street, London or alternatively their local MP.
No point.
Parliament doesn't control rents. WE do and always will as your list of added costs contributing to higher rents proves.
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