The average monthly rent in the United Kingdom is currently £1,029. Although this may seem relatively high, it’s important to keep in mind that London brings the UK rent average up considerably. So, if you are contemplating living in an area outside of London, this number may be significantly lower for you. The Monthly rent in the United Kingdom grew by 6.6% in July 2021, climbing from £965 to £1,029.
In July, all areas in the UK saw an increase in monthly rent over the previous year, with the South West seeing the most significant rise of 12.9%. August and September account for more than one-fifth of all new rental tenancies. Therefore the following two months are expected to be a busy time for estate agents. Rental projections are looking positive, with the RICS residential poll predicting a 3% increase in rentals over the next year.
In July, monthly rents in the United Kingdom increased yearly in all areas. The South West saw the most growth (12.9%), followed by Wales (11.8%) and the East Midlands (10.1%).
If you are looking for a new home in Liverpool, you will be considering whether you should be renting or buying next. In our last article, we went through some things you should consider when determining if you want to rent or buy your new home.
If you are leaning more towards renting your new home, we go more in-depth into what you should consider before doing so.
1) IT MAY COST MORE THAN YOU THINK
Before moving into a home, it is easy to forget how many bills we actually pay. As a tenant, you will be responsible for all your household bills, and when you sit down and look at them, there are quite a lot. You will need to consider if you have a healthy enough budget to spread across these different areas (some are optional):
- Gas and/or electricity
- Water bills
- Service charge (only for some properties)
- TV license (if you watch live TV)
- Council tax
- Landline phone bill
- Contents insurance
- Digital TV or satellite TV subscriptions
In some cases, your landlord may be happy to cover some of these bills. However, it is always best to double-check with your agent beforehand to ensure you aren’t running into any unknown costs.
2) WHO IS SUPPLYING WHAT?
Even if you are looking into an unfurnished property, you will need to consider what electrical goods will be included in your rent price. You will also need to see what working condition they are in. On the condition that you need any of these things, but they aren’t already supplied to you, you’ll need to factor this cost into the total price you will pay. If the electrical goods supplied to you are in poor condition, it is worth negotiating with the landlord to have these things cleaned or replaced before you move in.
If you are thinking of moving house and aren’t sure where to start looking for accommodation, give our team at Qube Residential a shout for any queries.
Sources: Dataloft, the Bank of England and Rightmove.