Top 10 cities for renting

Alex Johnson

3f4596249711e0a15f5edb9b437d451704315e3a 300x199 Top 10 cities for rentingThere’s been a glut of research released in the last couple of weeks about the nicest/cheapest/most affordable places to live in the UK (good news for Harrogate, maybe not so much for Oxford). Here’s another one, from Adzuna but still worth looking at since it contains details about renting too.

So, according to their research, Stoke on Trent, Dudley and Middlesbrough are the UK’s rental hotspots with up to 30% more properties affordable ‘to rent’ than ‘to buy’ in these areas.

Looking at the figures in terms of percentage of homes able to rent, the top 10 looks like this:

1. Dudley
2. Hull
3. Bradford
4. Wigan
5. Stoke-on-Trent
6. Motherwell
7. Preston
8. Wolverhampton
9. Stockton-on-Tees
10. Middlesbrough

Elsewhere, they estimate that Winchester is the least affordable place in the UK to live (followed by Chicester and Guildford). A couple earning an average wage in Winchester can afford over 50% of properties in Southampton and 67% of properties in Portsmouth, compared to just 11% in their home town. Belfast and Hull are the most affordable – 91% of homes in Belfast are within financial reach for first-time buyers on average local incomes.

Adzuna calculates the affordability of areas by looking at average salaries using their search index of 500,000 job ads then compares this data to property asking prices and typical mortgage multiples to produce an “Affordability Index” for househunters.

The study’s authors suggest that first-time buyers should head to locations in the north including Hull, Sunderland and Salford where average property prices at £159,286 are only 2.5 times the average local couples’ earnings. Portsmouth is the most affordable city in the south with over 64% of properties for sale within budget for local salaries.

Andrew Hunter, Co-Founder of Adzuna, said: “With clear indicators of house price stagnation across the UK, pockets of opportunity are springing up around the country for those looking to pick up a bargain.”

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