New research has revealed that the cost of living in towns that are within commuting distance of major cities has risen massively over the last three years. According to Zoopla, the cost of new rentals in locations including Newport, Bradford and Bolton increased by over a third between 2020 and 2023. While cities such as London, Glasgow and Manchester also underwent significant rises, new working patterns have also had an effect. As many people are now able to work from home, some are opting to rent larger properties further from cities.
According to Richard Donnell, Zoopla’s executive director of research, “They may only go into the office two or three times a week and, if they are in a flat, may have looked for a bit more room”. Estate agents report that there has been “staggering” competition in areas with easy access to transport links in larger cities. Zoopla’s figures reveal that of the ten biggest rental price rises, six are in locations which offer easy access to central London, Leeds and Cardiff, such as Newport, Wigan, Bradford, Rochdale and Luton.
Bolton experienced the most significant rental price rises, with new rents up by nearly 39% in the three years leading up to the end of 2023. Moreover, Bolton saw the biggest increase of any area last year, with prices rising by 15%. Rents in the location have gone up twice as fast as earnings over the last three years, making this area highly desirable for many people. However, due to the lack of available properties, landlords are increasing prices and competing against each other, leaving prospective tenants struggling to find a home.
Although rents are expected to continue to rise, Zoopla’s Richard Donnell predicts that the growth rate will slow in the coming year. Tenants may also notice some rental price reductions as agents struggle to secure occupants. However, campaigners are calling for greater government support to tackle escalating rental prices and accelerate the proposed ban on no-fault evictions in England
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