Two locations in Cumbria have been revealed to have the cheapest rent in the UK.
With the extension of the stamp duty holidays and the 5% deposit programs announced in Budget 2021, many buyers are looking to relocate.
Budget day was the busiest for Rightmove, with over nine million visits to the site in just 24 hours.
At the same time, Zoopla saw rental growth outside London to its highest level in four and a half years.
Research by mortgage advisors has revealed the most affordable areas for rent in the UK.
The RM Mortgage Solutions team ranked 181 of the UK’s largest cities on the percentage of income residents spend on rent, which found two locations in Cumbria to be the cheapest to rent.
Barrow was third on the list, with an average rent of £ 500 per month or 18.1% of income.
Carlisle ranked sixth on the list, with an average rent of £ 465 per month or 19.4% of income.
The areas with the most affordable rents:
- Derby – £ 590 per month, 17.4% of income
- Hull – £ 412 per month, 18% of income
- Barrow-in-Furness – £ 500 per month, 18.1% of income
- Hartlepool – £ 450 per month, 18.6% of income
- Stoke-on-Trent – £ 450 per month, 19.3% of income
- Carlisle – £ 465 per month, 19.4% of income
- Liverpool – £ 500 per month, 19.4% of income
- Middlesbrough – £ 475 per month, 19.6% of income
- Barnsley – £ 475 per month, 19.9% of income
- Darlington – £ 450 per month, 19.9% of income
Richard Moring, Principal at RM Mortgage Solutions Ltd, said: “At the end of the day, moving is a balancing act that doesn’t just come down to cost. Prioritizing certain things or making a checklist of likes and dislikes that you can identify are two great ways to decide whether you want to live in one area over another.
“If you are unsure of an area, consider testing the water by renting. A lot of time and money is spent buying a home, from finding lenders to completion. Taking the time to explore an area can be invaluable in deciding which street, part of town, or type of property you would like to live on.