The average price of renting a home in Cheshire is continuing to rise as landlords look to pass on increasing costs, new data suggests.
Estate agents Rightmove and Hamptons have both recently reported that the national average rental price for properties outside London is at a record £1,190 per calendar month. And they claim the figure in the North West sit at £1,025 per month.
While specific figures for Cheshire have not been made available in the latest data, a comparison of Government figures shows that the average price for different types of property in the county had risen up to September last year.
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The Office For National Statistics reported that between October 2021 and September 2022, the average price of a rental in Cheshire East was £725 while Cheshire West and Chester was £710.
The average three-bed property in Crewe. for example, has a rental of £825 and while there were several properties listed with Rightmove within this price bracket, there were also several nearer to £900, with the most expensive being £1,300.
However, it has been reported in recent months that rental properties could be becoming more scarce, as landlords look to offload buy-to-let investments in anticipation of a fall in property values, a rise in mortgage rates on buy-to-lets, and fears over tenants' ability to meet rents in the midst of the cost of living crisis. In 2022, landlords in the UK sold 35,000 more properties than they bought.
Cheshire East median rental prices October 2021 to September 2022
Room £385pcm
Studio £495pcm
One bed £525pcm
Two bed £675pcm
Three bed £825pcm
Four bed-plus £1,495pcm
All categories average £725pcm
Cheshire West and Chester median rental prices October 2021 to September 2022
Room £429pcm
Studio £455pcm
One bed £582pcm
Two bed £683pcm
Three bed £800pcm
Four bed-plus £1,200pcm
All categories average £710pcm
(Source: ONS)
A spokesman for Hamptons said: "Affordability constraints are expected to slow rental growth at some point this year; however, it is unlikely to decelerate significantly due to the number of landlords seeking to pass on their rising costs.
"April 2023 marked a significant milestone in the rental market, as the average monthly rent for a newly let property outside London surpassed £1,000 for the first time. This comes only 34 months after Great Britain, including London, last reached the same milestone in July 2020.
"With an annual increase of 7.8 per cent, the average rent outside the capital has risen 26% since pre-pandemic levels in February 2020. As a result, the average tenant moving into a new home outside London will face paying an extra £868 in rent annually compared to last year."
Hamptons reports that average rents reached new records in seven out of the UK's 11 regions in April this year. The only parts of the UK where average rents remained slightly below their peak were Wales, the North East and the South West.
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