Business

Average rent in the north rises by three per cent in a year

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THE average monthly rent paid across the north has increased by almost three per cent in the past year, a new report suggests.

The HomeLet Rental Index found that the monthly rental average here rose from £653 in October 2018 to £672 (2.9 per cent) last month.

However the UK-wide index hinted at some slowdown in the market, with average rents dipping by 0.1 per cent from September to October 2019.

HomeLet is the largest tenant referencing firm in the UK. It analyses the ability of tenants to rent a property.

Its latest research also suggests that the household rent to income ratio in the north is down over the year. The report indicates that on average, households here were paying 25.9 per cent of income on rent during October 2019, down from 26.6 per cent in October 2018.

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Business