Nottingham rental prices rise fastest across the UK

The cost of renting a home has risen faster in Nottingham than any other UK city. A survey conducted by Zoopla, and publicised by the BBC, showed that rents rose by 5.4 per cent in the last year alone.

In comparison, the average rental increase across the country was just 2 per cent.

The average rental price in Nottingham is now £631 for a two bedroom property in the city. In comparison, Birmingham sits at £703, Liverpool at £503 and Leicester also at £631.

Rent actually becoming affordable

Despite rises in rental costs, renting a home is actually becoming more affordable for most.

Average earnings are rising at twice the rate of rental prices, meaning tenants should not have an issue in paying their rent on time and in full.

Zoopla suggests that renters spend nearly one third of their earnings on rental payments.

Reasons for rental increases

It has been suggested that Selective Licensing is the biggest reason for the rental price increase in Nottingham. Most landlords have decided to offset the cost of a licence at £780 by asking their tenants to pay more every month.

How long does it take to rent a property?

According to the report, the average time it takes to rent a property is currently 17 days. This is measured by the time the advert first appears online to the time it is marked as let agreed.

The average time a tenant also spends in a rental property is currently around 4 years.

It appears that the rental market is stronger than ever, despite political uncertainty.

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