Most affordable places to rent

Private rents hit record high

Plymouth, Cardiff and Leeds are among the best-value cities to rent a home while London, Edinburgh and Birmingham are among the least affordable places, a report suggests.

Insurer HomeLet analysed 16 cities across the UK to calculate the cheapest and the most expensive places to rent, compared with local incomes.

Plymouth was named as the most affordable city, with rents typically taking up just over a quarter (27%) of a renter's take-home income.

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At the other end of the scale, London renters were found to see almost half (49%) of their incomes swallowed up by rent.

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Martin Totty, chief executive of Barbon Insurance Group, of which HomeLet is part, said: "Our analysis of the affordability of renting in the UK's major cities has produced some surprising results.

"In some parts of the UK, such as Scotland and East Anglia, where rental prices are now falling or stagnant, the data tells us that renting in some cities in these regions is still stretching tenant affordability."

Here are the percentages of monthly net income taken up by rent in the five most affordable cities for renting, according to HomeLet:

1. Plymouth, 27%

2. Cardiff, 29%

3. Leeds, 34%

=4. Norwich, 35%

=5. Glasgow, 35%

Here are the percentages of monthly net income taken up by rent in the five least affordable cities for renting, according to the findings:

1. London, 49%

=2. Edinburgh, 47%

=2. Birmingham, 47%

=4. Cambridge, 43%

=5. Bristol, 43%

The most expensive rental property in the UK
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Most affordable places to rent

Audley House, a Grade II Listed Georgian property, is on the rental market for an astonishing £780,000 a year - or £15,000 a week, making one of the UK's most expensive rental properties.

It is estimated the bills will come to a whopping £125,000 a year, on top of the rent.

The six-storey mansion is spread out over 8,346 sq/ft and is worth approximately £35million. 

However, you need not worry about walking up all those flights of stairs as there is a private passenger lift with access to all floors.

The luxurious property is set in the heart of Mayfair.

Comfort cooling, state-of-the-art security and audio-entertainment technology are incorporated throughout the Mayfair mansion. 

The property features five VIP bedrooms suites.

Each of the luxurious bedrooms are decorated in different coloured decor.

At 1,500 sq ft the master bedroom is bigger than the average British home.

The mansion also features four reception rooms,a family kitchen, a gym and private walled gardens.  

The stunning six-storey property comes fully furnished with luxurious furniture, fixtures and fittings and is ready for tenants to move in.

Like all rental properties, interested tenants will be asked to hand over a six week deposit and the first month's rent before they move in. 

The property comes with a five year contract meaning tenants will end up handing over £3.9million to the landlord.


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