Rents continue to rise across the UK as competition for every room heats up

London and Oxford top the list of the most expensive cities to rent in the UK as a new report reveals the average cost of renting has risen by 14 per cent in a year across the UK.

 

Londoners are now spending up to two thirds of their income on rent, according to a new report.

Continuous rent rises over the past six years mean that tenants are now paying at least half their income in rent in 20 boroughs - up from five - according to The House of Commons library rental figures.

With house prices also rocketing, it's no surpise the capital is becoming a city of housesharers. Londoners are now paying an average of £700 a month to rent a room - a figure that is 70 per cent higher than the national average of £492 a month.

Meanwhile, competition to secure a room to rent in London is high, with 10 potential applicants for every room available.

London rents have increased an average of eight per cent over the last year according to the 2015 Rental Index compiled by houseshare website EasyRoommate.

 

Oxford follows London as the second most expensive city to houseshare, with average rents reaching £578 per month. 

In Manchester monthly rents remain just under £400 a month, although prices have skyrocketed by seven per cent in a year - similar to London levels. 

"The housing crisis is getting fiercer with a need to sustain and develop supply in every city where we see soaring demand," says Albin Servant, CEO of easyroommate.com


The cheapest places to rent in UK:

City Av. monthly rent
Belfast £283
Bradford £322
Sunderland £326
Swansea £327
Bolton £329
Stoke-on-Trent £332
Preston £340
Leicester £342
Cardiff £345
Leeds £355

Source: Easyroommate (January 2015).

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