While rising, Humberside rents remain below the national average.

The reasons why renters in Humberside are doing better than most in England

In Humberside, rent costs have increased faster than inflation but still less than the national average.
The average monthly rental cost of a home in England is £1,293 based on the most recent data from the Office for National Statistics, which extends to April 2024. That is an increase of 8.9% over the previous year.

In Britain, the percentage increase in rent is the same.
Less than half of England’s average rent is paid in Humberside, and rises there have been slower. Still, the trend for prices is upward.
The average percentage increases year over year were greater in Hull (6.5 per cent, to £583) and East Riding (6.3 per cent, to £643). The average house price in Hull and Grimsby as of late also reflects the comparatively low rent levels.

The average monthly rent in North East Lincolnshire has increased to £567, a 4.4% increase. The average monthly rent in North Lincolnshire has increased to £560, a 4.6% increase.

Additionally, the average sale price in two parts of Hull is less than £110,000. Over the previous 12 months, HU3 averaged £109,588. HU2 postcode averaged £87,955, despite the fact that there are only 14 sales listed there.

Based on the most recent government data, the DN31 postcode in Grimsby is still the third most affordable area in England and Wales to buy a home. The average sales amount during the previous twelve months was £77,951.

According to a representative of the National Residential Landlords Association, “a number of factors, chief among them the supply and demand imbalance which has resulted from the government’s failure to create a market conducive to investment, have contributed to the rise in rent levels across the UK’s private rented sector.” “With demand far outstripping available supply, there are currently, on average, 15 prospective tenants chasing every rented property.

” This is twice the pre-pandemic level and shows how important it will be for the upcoming government to increase the number of dwellings available.Furthermore, it would be incorrect to minimise the impact that harsh tax laws and increasing interest rates have had on investment. The only alternatives left to landlords are to either exit the market or pass on rising costs in the form of rent hikes due to the more than twofold increase in the cost of financing a typical buy-to-let loan since 2022.

In the end, a market that is healthy for renters is one in which the available rental stock is sufficient to satisfy the rising demand. This objective needs to be given top priority by whoever forms the next government.

The country’s highest increase in rent prices has been observed in London. Overall, rents in the capital have gone up 10.8% on average to £2,070 per month.

Out of all the local authorities nationwide, Brent has experienced the most increase in the past year. In the 12 months leading up to April, rent for a house in the London borough was £2,028 per month. That is a 32.6% increase over the previous year.
According to government estimates, 1,001,000 net additional dwellings have been supplied in England during the 2019–2024 legislative session. It failed to pass the Renters’ Reform Bill before to the general election, despite intentions to revolutionise the private rental market.