Lettings in Norwich more affordable, survey says
Lettings in Norwich are the fourth most affordable in the UK, a new survey has shown.
Across the UK, tenants enjoyed a drop in their monthly bills in October as rents fell more than they have in any month for the last four years.
The cost of renting a home in the Anglia region fell by 5.4 per cent last month to an average of £781, according to the HomeLet Rental Index.
However, this was a larger than normal seasonal drop, driven by landlords readjusting their price expectations, according to analysts at Homelet. Homelet offers services to letting agents.
Molly Chesney, director at Homelet, was quoted by the Daily Telegraph as saying: “More than the home sales market, rents are absolutely linked to income. The first check is income to rent so landlords know what people can afford.”
Ms Chesney added: “My instinct is that this fall [in rents] is linked to affordability. Rents have been driven up recently and have now hit a natural ceiling.”
Local letting agents in Norwich reported just 35 per cent of income is taken up with rent in Norwich, compared to 49 per cent in London, on average.
The Norfolk lettings rates were surpassed only by Plymouth, Cardiff and Leeds, where rents took even less of take home pay from tenants.
The most expensive rent relative to income was the capital, followed by Edinburgh at 47 per cent, then Birmingham at 47 per cent and Cambridge and Bristol where tenants pay 43 per cent of their income in rent.