The biggest Halloween rent hikes
Revealed – Where tenants have been haunted by the biggest Halloween rent hikes
The latest market analysis from London lettings and estate agent, Benham and Reeves, has revealed which areas of the rental market are haunting tenants this Halloween, having seen the largest increase in the average monthly cost of renting since this time last year.
Benham and Reeves analysed current monthly market rents across each area of the British rental market and how they compare to last October, to reveal the most ghastly Halloween rental hikes.
The research shows that, across Britain, the average monthly cost of renting is up by 4.6% (£60) since last Halloween. The North East has seen the largest regional increase at 8.1% (£56), although every other area of Britain has also seen an uplift.
When analysing the rental market on a more granular level, the research by Benham and Reeves shows that it’s Newport in Wales where tenants are set to get the biggest fright this Halloween, with the average cost of renting rising by 16.7%, or £134 per month, since last Halloween.
Other areas giving renters a scare include Newcastle upon Tyne, where average monthly rents have increased by 12.5% or £126, followed by Broxbourne in the East of England, up 11.4% or £167.
Barking and Dagenham ranks fourth, with rents rising by 11.3% or £169 over the past year, while Rhondda Cynon Taf has seen an increase of 11.1% or £74.
The list continues with West Lancashire (+10.8%), Gloucester (+10.6%), Merthyr Tydfil (+10.5%) and Nuneaton and Bedworth (+10.3%), with Bexley rounding off the top ten at +9.9%. Notably, Bexley is the only other London borough to make the top ten along with Barking, with most of the steepest hikes occurring outside of the capital.
However, when it comes to the largest cash increases since last Halloween, London dominates the table. Camden has seen the biggest annual jump of all, with rents now £227 higher than last year at £2,796 per month.
Lambeth follows closely with an increase of £208 to £2,454, while Barking and Dagenham has climbed by £169 to £1,659. Broxbourne, Kensington and Chelsea, and Richmond upon Thames have all seen monthly rents rise by around £160, while Hackney, Oxford, Newham, Wandsworth, and Bath and North East Somerset also rank among the most expensive hikes in cash terms.
Marc von Grundherr, Director of Benham and Reeves, commented:
“While the wider housing market has seen steady but measured growth since last Halloween, the rental sector tells a very different story. Demand for rental homes remains exceptionally high, and with the prolonged uncertainty of the Renters’ Rights Bill causing some landlords to exit the sector, there is even less stock to satisfy this demand.
With tenants far outnumbering available homes, it’s no surprise that rental values have climbed across much of the nation and the variety of locations within the top largest percentage increases demonstrates that it’s not a problem confined to just one area of the market.
Of course, even though only two London boroughs feature among the top ten for annual percentage growth, the sheer cost of renting in the capital means that even the most modest percentage increase translates into some of the biggest pound-for-pound rises anywhere in the country.”
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