According to the study, the North West was home to the area with the most significant rental growth in Q1 2024.
Bolton in Greater Manchester saw the largest rent increase among the UK’s 50 largest towns and cities, rising by nearly a quarter (23%) over the past year. Among the UK’s top 50 cities and towns, other notable North West regions include Manchester (9%) and Liverpool (6%).
Liverpool, in particular, has the fastest-growing economy in the UK (per The Data City), attracting jobs and workers to the city looking for new opportunities. As a result, this makes city centre accommodation more in demand, driving rents up further.
The UK areas with the most minor change were Sunderland (0%), Middlesbrough (1%), and Dundee (2%).
Meanwhile, London saw its slowest growth rate since the pandemic (Q3 2021), with rents increasing by 5%.
In Q1 2024, the most affordable areas to rent outside of London were Bootle (£458) and Huddersfield (£475) for the second consecutive quarter, followed by Blackburn (£476).
Director at SpareRoom, Matt Hutchinson, comments: “Despite a cooling in demand and a slight increase in supply, rents continue to rise, which isn’t good news for renters. Things are slowing, but it always seems to be the case that rents go up faster than they come back down.
Discover More: Learn about the direct costs of a buy-to-let property and other property market insights with some of our handy guides, such as our article on real estate business plans.