Rental prices continue to decline in major UK cities

Rent in London fell 12.4%, in Edinburgh – 10%

The demand for real estate in the largest cities in the UK continues to decline, writes The Guardian. Tenants are increasingly choosing to settle in small towns or suburbs of metropolitan areas. Following the demand, rental prices also change, say experts at the Rightmove real estate agency.

Rentals in Central London declined 12.4%, Edinburgh 10%, and Manchester city center 5.3%.

The real estate market has dramatically increased the number of vacant housing in these cities.

Outside them, the situation is the opposite: both demand and prices are growing. For example, the cost of monthly rentals in Durham increased by 16.4% from 2019 to 2020 – from £ 543 to £ 632. Cities such as Keatley (West Yorkshire) and Wigan (metropolitan area of ​​Greater Manchester) increased rents by 14.6% and 11.2%, respectively.

The exceptions to the rule were Bristol and Liverpool. These are quite large cities, but the rental price there increased by 2%.

Top 5 cities with record price drops:

Inner London – £ 2219 (-12.4%);

Edinburgh – £ 1124 (-10%);

Manchester – £ 1022 (-5.3%);

Birmingham – £ 883 (-4.6%);

Leeds – £ 811 (-4.4%).

Top 5 cities with the highest growth in rental prices:

Durham – £ 632 (+ 16.4%);

Keatley – £ 556 (+ 14.6%);

Wigan – £ 559 (+ 11.2%);

Rochdale – £ 585 (+ 10.8%);

Rossendale – £ 548 (+ 10.3%).

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