Saturday, May 28, 2022
UK

Rents in the south west surge 18 per cent since 2020

Rents

The average rent in the south west is now $1,564.90 per month, according to the New Statesman

Rents have rocketed by 18 per cent in the south west since the pandemic struck, new data reveals. That’s as high as any other UK region.

The average rent in the south west is now £1,202 ($1,564.90) per month, according to the New Statesman, citing Rightmove data. Only London, the east of England, and the south east of England had higher average rents.

However, it’s the increase where renters in the region will be feeling the pinch. An 18 per cent rise is the same as Wales and the north west, and more than every other part of the UK.

London actually saw the lowest increase, of five per cent, over the two years. The next lowest was the south east, where rents rose by 12 per cent.

Across the UK, average rents are up 15 per cent in the last two years. The House of Commons committee of public accounts concluded this week that more and more low earners now rent privately. It also pointed out that private renters spend a greater proportion of their income (32 per cent) on housing than anyone else, with homeowners spending 18 per cent and social renters 27 per cent.

The findings come at a time of stagnating wages and rising cost of living. Inflation that includes housing costs (CPIH) was at 6.2 per cent in March, and is expected to rise further this year.

In fact, wages are falling when inflation is taken into account. In the past year, regular pay is down by one per cent after inflation.

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