Wales and the North East recording some of the sharpest monthly rent increases and the steepest shifts in affordability according to Propertymark’s latest Rental Price and Average Salary Tracker.
In Wales, the average rent rose by 3% in October to £1,025, while the typical annual salary needed to secure a home edged down 0.4% to £30,750.
The North East saw an even stronger 6.1% rise in rents to £911, accompanied by a 20.6% year-on-year drop in the representative salary required, from £34,410 to £27,330 – signalling increased affordability pressures in one of the UK’s lowest-cost regions.
By contrast, London and Scotland saw modest easing in affordability. In the capital, rents fell 5.8% month-on-month to £2,243 and the salary required dropped 3.6% to £67,290. Scotland recorded similar declines, with rents down 3.9% to £1,054 and salary requirements falling 3.4% to £31,620.
ACROSS THE REGIONS
Elsewhere, the Midlands and Eastern regions showed relative stability. The East Midlands reported a 5.6% monthly rise in rents to £1,046, but only a 1.9% increase in the salary required. The East of England and West Midlands saw rents and income requirements move by less than 1%.
Yorkshire and the South West experienced moderate upward trends, with salaries needed to secure a home rising 4.7% and 3.2% respectively compared with a year earlier.
SUPPLY UNDER PRESSURE
Megan Eighteen, President of ARLA Propertymark (Association of Residential Letting Agents), says:: “Rents have risen across many parts of the UK, but the market remains active and resilient, underpinned by strong tenant demand.
“Supply is under pressure, with some landlords leaving the sector due to rising costs and regulatory changes, while new professional landlords are entering the market and investing for the long term, helping to bring much-needed stock back into circulation.
“However, this may not be enough to meet ongoing, growing demand, and support is needed to encourage further investment.”
SUSTAINABLE AND STABLE
And she adds: “Rising operational costs, from energy efficiency requirements to maintenance and insurance, are influencing rent levels, but agents and landlords are working hard to keep tenancies fair, sustainable, and stable.
“With the right policy support and continued investment, the private rental sector can continue to provide high-quality homes for tenants while remaining a viable and attractive market for landlords.”
