Glasgow is one of the most cost-effective places to rent in the UK

03/02/2020 13:05:16

Glasgow is one of the most affordable cities in the UK to rent, with the average property costing more than £300 per month less than in Edinburgh, according to a new study.

Research by the property portal Zoopla shows the average rent in the city is now £636 per month, compared with £950 in the Capital.

While costs are rising – rents in Glasgow increased by 2.4% in the final quarter of last year – the city continues to provide great value for money compared with others in the UK.

The only major city cheaper than Glasgow in Scotland was Aberdeen, which has been hit hard by the drop in oil prices. There, the average rent is £597, down 2.9% from the previous year.

Across the UK rents rose by 2.6% during the same period, driven by tax changes eating into landlords' profits, meaning the supply of rental homes has dropped while demand from tenants has increased, pushing rental prices upwards, according to the index.

It said the 2.6% annual increase in rents across the UK is the highest rate seen in three years.

Rents in London fell over 2017 and 2018, but they are now increasing by 2.8% - the highest rate for nearly four years. The rise in Glasgow was nearly double the 1.4% annual growth in private rents seen a year earlier but other UK including Nottingham, Bristol and York have seen year-on-year increases by 5% or more. 

Greg Cope, Director of Scottish property Centre Shawlands, said: "Tax changes in 2016 led to a fall in investment by landlords hitting London and the south-east badly where property values are highest and yields lowest.

"Glasgow has come through this period relatively unscathed and, while rental prices have risen recently, the increases have been lower than the UK average and the city remains one of the most cost-effective places to live in the country.”

Average monthly rents in the fourth quarter of 2019 and the annual increase, according to Zoopla:

  • England, £910, 2.5%
  • Scotland, £628, 3.6%
  • Wales, £599, 2.7%
  • Northern Ireland, £581, 1.9%

Average monthly rents in the fourth quarter of 2019 and annual increases or decreases in rental prices in major towns and cities across the UK, according to Zoopla:

  • Nottingham, £679, 5.8%
  • Bristol, £983, 5.5%
  • York, £844, 5.0%
  • Leeds, £715, 4.4%
  • Preston, £571, 4.0%
  • Stoke, £520, 3.9%
  • Leicester, £727, 3.7%
  • Edinburgh, £950, 3.5%
  • Norwich, £765, 3.3%
  • Liverpool, £586, 3.2%
  • Bournemouth, £954, 2.9%
  • Cardiff, £785, 2.9%
  • Manchester, £732, 2.9%
  • Plymouth, £670, 2.8%
  • Derby, £579, 2.8%
  • London, £1,577, 2.8%
  • Hull, £471, 2.7%
  • Brighton, £1,292, 2.7%
  • Milton Keynes, £926, 2.4%
  • Glasgow, £636, 2.4%
  • Portsmouth, £858, 2.4%
  • Gloucester, £702, 2.4%
  • Cambridge, £1,200, 2.3%
  • Belfast, £599, 2.2%
  • Oxford, £1,369, 2.1%
  • Reading, £1,067, 2.0%
  • Swansea, £600, 2.0%
  • Ipswich, £677, 1.8%
  • Southampton, £843, 1.7%
  • Birmingham, £668, 1.6%
  • Northampton, £751, 1.5%
  • Huddersfield, £519, 1.4%
  • Sheffield, £583, 1.3%
  • Swindon, £735, 1.3%
  • Bradford, £489, 1.2%
  • Southend, £887, 0.9%

 

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