We all know different parts of the UK are more expensive to live in than other parts. This is most visible in the rental costs of different areas.
These rents give an idea on the demand to live there brought about by desirability, job opportunities and wage growth.
While it may possibly cost more than monthly mortgage repayments on a similar home, renting gives the option of moving quickly and easily around. It also allows the tenant to have zero responsibility in the upkeep and maintenance of the property – leaving it all in the hands of the landlord or maintenance company.
For many, it is the only option in securing safe, comfortable accommodation. For others, it is the best choice – particularly for younger generations who are working in cities, need somewhere close to live, but do not yet want the shackles of a mortgage.
However, it seems that many renters are a lot less better off than a decade ago in some parts of the country. At the same time, there are areas of the UK that have experienced a drop in rental costs over the past ten years.
According to a report by analysts Hometrack, there is a clear North South divide when it comes to house prices and rental costs.
London, of course, has seen the steepest rise in rents since 2007, with prices shooting up by a whopping 47 per cent.
This is in comparison to Yorkshire and Humberside that has seen no rise at all, and the North West and the North East, where there has even been a FALL in rental costs.
The report shows that it is now costs a Londoner three times more to rent a home compared to a North Eastern counterpart.
The huge rise in the capital has been put down to the huge surge in job opportunities – a 12.5 per cent rise – compared to only 3 per cent in Birmingham and 5 per cent in Manchester.
There is also a lower wage growth in the rest of the country.