Merseyside property: Rental prices on the rise & how they differ across the Liverpool City Region
Renters are seeing a sharp rise in costs.
Renters are facing the squeeze with the cost of lettings up by more than a tenth across Britain in the past year, figures show.
And the price of renting a home is climbing far faster in some parts of the country than others, according to data shared with LiverpoolWorld by property website Zoopla.
Big cities such as London, Manchester and Edinburgh are among those seeing the price of new lettings increase the most, but boroughs across the Liverpool City Region are also seeing sharp rises.
Across Great Britain, the monthly price of lettings put on the market rose by 11.1% over the same period, Zoopla’s rental index shows.
This is far higher than the 8.8% rise in the inflation measure which includes homeowners’ costs - the Consumer Prices Index including owner occupiers’ housing costs (CPIH).
Reasons for the rise: Zoopla’s executive director Richard Donnell said the high prices were a result of increased demand and static supply levels. He said: “The rental market has been running very hot over the last year. It’s a growing area of concern for renters who face a market with 33% fewer homes for rent than normal.”
“We expect rental growth to slow over 2023 as affordability pressures bite, and the slowdown could be dramatic in some city centres. Only by boosting landlords of all shapes and sizes to increase rental supply can we improve choice and control the pace of rental inflation,” he added.
Renters’ Reform Bill: The government is set to introduce a new Renters’ Reform Bill in England, which it says will ease the squeeze on renters, for example by giving tenants stronger powers to challenge rent increases.
See how rental prices changed across the Liverpool City Region between January 2022 and January 2023.