Who needs a holiday when you can rent in Liverpool for three months for the same price?

June 15, 2020

The average person in the UK spends £826 on a week of sun, sea and sand each year, however, with many travel restrictions still in place, a trip abroad is looking increasingly unlikely in 2020.

With an average of 2.4 people living in each household, the silver lining is a potential saving of £1,652 for a week’s holiday for two. The latest research conducted by deposit replacement scheme Ome has revealed how this saving could be spent in the UK rental market.

With the current average UK rent sat at £959, tenants could financially tackle nearly two months of rental costs (1.7) with a would be holiday fund. This climbs to over three months in Wales and the North East (3.1) where the average rent is £539 and £533 respectively.

Tenants could also cover two months rent or more in Yorkshire and the Humber (2.7), the North West (2.7), Northern Ireland (2.6), the East and West Midlands (2.6 & 2.5), Scotland (2.2) and the South West (2.0).

Even in London, the cost of the average holiday for two is enough to cover nearly a month’s rent. Once again this climbs to three months in Liverpool and two months or more in Swansea (2.9), Plymouth (2.7), Newport (2.7), Sheffield (2.6), Leicester (2.6), Nottingham (2.5), Newcastle (2.5), Belfast (2.3), Birmingham (2.3), Aberdeen (2.2), Cardiff (2.2), Leeds (2.1), Southampton (2.1). Manchester (2.0) and Portsmouth (2.0).

While the cost of rental deposit is higher than a month’s (five weeks rent), the average price paid for a holiday would still cover this cost comfortably across every region and major city, except for London and Oxford.

Nation/Region
Average Rent
Average Deposit
Average Holiday Cost
Holiday/Rent
Holiday/Rental Deposit
North East
£533
£666
£1,652
3.10
2.48
Wales
£539
£673
£1,652
3.07
2.45
Yorkshire and the Humber
£617
£771
£1,652
2.68
2.14
North West
£621
£776
£1,652
2.66
2.13
Northern Ireland
£627
£784
£1,652
2.63
2.11
East Midlands
£628
£785
£1,652
2.63
2.10
West Midlands
£662
£828
£1,652
2.50
2.00
Scotland
£748
£936
£1,652
2.21
1.77
South West
£816
£1,020
£1,652
2.02
1.62
East of England
£869
£1,086
£1,652
1.90
1.52
South East
£998
£1,248
£1,652
1.66
1.32
London
£1,697
£2,121
£1,652
0.97
0.78
England
£852
£1,065
£1,652
1.94
1.55
United Kingdom
£959
£1,199
£1,652
1.72
1.38
City
Average Rent
Average Deposit
Average Holiday Cost
Holiday/Rent
Holiday/Rental Deposit
Liverpool
£532
£665
£1,652
3.11
2.48
Swansea
£567
£709
£1,652
2.91
2.33
Plymouth
£604
£755
£1,652
2.74
2.19
Newport
£611
£764
£1,652
2.70
2.16
Sheffield
£629
£786
£1,652
2.63
2.10
Leicester
£629
£786
£1,652
2.63
2.10
Nottingham
£657
£821
£1,652
2.51
2.01
Newcastle
£674
£843
£1,652
2.45
1.96
Belfast
£716
£895
£1,652
2.31
1.85
Birmingham
£724
£905
£1,652
2.28
1.83
Aberdeen
£735
£919
£1,652
2.25
1.80
Cardiff
£746
£933
£1,652
2.21
1.77
Leeds
£774
£968
£1,652
2.13
1.71
Southampton
£799
£999
£1,652
2.07
1.65
Manchester
£822
£1,028
£1,652
2.01
1.61
Portsmouth
£847
£1,059
£1,652
1.95
1.56
Bournemouth
£867
£1,084
£1,652
1.91
1.52
Glasgow
£883
£1,104
£1,652
1.87
1.50
Edinburgh
£1,084
£1,355
£1,652
1.52
1.22
Bristol
£1,140
£1,425
£1,652
1.45
1.16
Cambridge
£1,253
£1,566
£1,652
1.32
1.05
Oxford
£1,509
£1,886
£1,652
1.09
0.88
London
£1,697
£2,121
£1,652
0.97
0.78
Average rental costs sourced from Gov.uk, Gov.wales, Gov.scot and NIHE.

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agent Talk

Northern Ireland to expect over 25,000 new home movers

Belfast-based estate agency John Minnis has revealed that Northern Ireland is to welcome an estimated 25,000- 30,000 new arrivals from the UK and Europe over the next five years, as migration to the region reaches its highest levels in more than a decade. Recent figures show that 11,700 people relocated from other parts of the…
Read More →
Breaking News

Red tape and rising costs stifling new-build availability across the capital

The latest analysis from London estate agent, Benham and Reeves, has revealed how protracted building timelines are preventing the capital’s housebuilders from delivering the level of new-build housing stock required to meet demand, with new homes currently accounting for just 7.5% of all properties listed for sale across London. Benham and Reeves analysed the latest…
Read More →
Estate Agent Talk

UK’s new wave of ‘second cities’ offers strongest yield growth for property investors

The latest research from West One Loans has found that whilst investors may continue to favour the nation’s key cities such as London, Birmingham, and Manchester, a new wave of ‘second cities’ is delivering the strongest growth in rental yields. These emerging markets are offering investors the chance to achieve attractive returns, driven by rising…
Read More →
Estate Agent Talk

Decline in change of use further constricting housing supply

Jonathan Samuels, CEO of Octane Capital, believes that a decline in conversion projects could ultimately prevent the Government from hitting its ambitious housing delivery targets, as the firm’s latest analysis has revealed that the number of homes created through change of use has fallen sharply in the last five years. Octane Capital analysed official Government…
Read More →
Rightmove logo
Breaking News

Annual price fall driven by south, which could be harder hit by rumoured property taxes

The average price of property coming to the market for sale rises by 0.4% (+£1,517) this month to £370,257. However, average new seller asking prices are now 0.1% below this time last year following several months of muted price growth The dip in annual prices is driven by London and the south, as the south…
Read More →
Breaking News

Rental market cools as Zoopla records slowest annual rent increase in four years

Average rents are 2.4 per cent higher than a year ago, the lowest annual rate in four years and less than half of that recorded 12 months ago Average rents have increased by almost £80 per week over the last five years, adding up to an extra £4,100 a year for renters, resulting in affordability…
Read More →