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Buy-to-Let News: North West Rents Increase by 8.4%

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    Average UK Rent Up 6.6% Annually According to Zoopla

    According to Zoopla’s latest Rental Market Report, the average rent for a new let in the UK is £1226 per month as of April 2024. This is a yearly increase of £80 in cash terms.

    Rents have risen 6.6% in the last year, the lowest annual growth rate in two and a half years after a spurt of record-breaking increases. Rental growth reached a peak of 16% in October 2021. The high rental income that can be gained from buy-to-let investments in the UK has made it a popular choice for investors.

    Zoopla found that demand has come down slightly from a high base, and affordability constraints among renters have slowed rental inflation down.

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      London Rents Increasing Slowest of All Regions

      According to Zoopla, London is leading the slowdown in rental growth. The rate of rental inflation in the capital was 3.7%, down from over 13% this time last year.

      Last year’s record-breaking rental increases were not sustainable, so it’s no surprise that the average rental growth has slowed across the country. At a city level, there are even some modest falls in average rents in a small number of cities such as London (-0.3%) and Cambridge (-0.3%).

      However, many regions, especially those in the North, are still recording high annual rental increases. North West rents have risen by 8.4% on average, with major cities like Manchester (8.1%) and Liverpool (7.9%) following the trend of substantial rental growth year-on-year. For this reason, many investors are avoiding London property investment and looking towards northern regions.

      In fact, the average rental growth for the UK when London is excluded is at 8%, significantly higher than the overall UK average.

      Further Reading: Find out more about investment strategies such as buy-to-let houses for sale and luxury property investment.

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      Demand Still High: 15 Tenants Compete for Each Available Property

      The extreme supply-demand imbalance in the rental market is starting to even out slightly, but demand remains much higher than the available supply. There are currently an average of 15 applications for every available rental home, more than double the pre-pandemic average of 6 between 2017-20.

      The average number of homes on the market has improved, with an average stock boost of 18% per estate agent. However, the supply is still lower than in the pre-pandemic years.

      Spring typically sees more rental homes hit the market before demand peaks between May and September, and Zoopla notes that supply is up the most in London (23%) and Scotland (24%).

      While supply has improved slightly, Zoopla forecasts that the imbalance between supply and demand in the private rental market will not improve materially over the next 12 months. Demand is likely to remain above average while levels of new investment in the PRS are low.

      To learn more about the UK property market, take a look at some of our buy-to-let area guides covering topics such as investment property available in Chelmsford and investment property available in Harrogate.

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      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.