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Thursday, 24 April 2014

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Carlisle one of cheapest places to rent in UK - survey

Carlisle has been named as the fourth cheapest area in the UK for renters, prompting one estate agent to describe it as “undervalued”.

The figures, from specialist letting agents’ insurer Endsleigh, names the city fourth, with average monthly rents of £460 – £246 less than the average UK monthly rental price.

According to the figures, only Swansea (£399), Sunderland (£452) and Kirkcaldy (£457) are cheaper.

The most expensive is Greater London at £1,248, which is nearly three times the average rent in Carlisle.

Nick Elgey, managing director of Cumberland Estate Agents, said: “Rents in Carlisle have been fairly static for the past two or three years during the downturn because of the law of supply and demand.

“There seems to have been a balance for the last few years that hasn’t allowed rent to increase. There are only so many people who need to rent and so many houses available.”

Mr Elgey added that there could also be a link between the average income and the generally low price of rental properties.

“In Carlisle that average income has probably gone down in real terms with the effect of inflation.”

An entry level two bedroom house in Carlisle would typically cost £400 a month but poorer quality houses in less desirable locations could cost as little as £350 a month.

A one bedroom ground floor flat on Rydal Street in Belah has been advertised at £365 per month on Bulman’s website.

At the top end of the scale, a prospective tenant could pay more than £1,000 per month for a high quality let or an executive property in a rural area outside Carlisle.

A four bedroom unfurnished house on Longlands Road in Stanwix overlooking Rickerby Park is advertised on RightMove at £1,050 per month.

Adrian Tod, a director at Hayward Tod, said: “Carlisle appears to be generally undervalued. The quality of rental properties has improved dramatically over the last decade because the demand is greater.

He said that the economic downturn had pushed more people into the rental market, causing prices to rise slightly but not as much as elsewhere in the country.

“The fact that it [Carlisle] is still undervalued in relation to most of the rest of the country has not come as a huge shock. It seems to be based on the economic conditions. Carlisle is a rural based economy.”

Places like Aberdeen have seen a rental price hike because of its nearby oil and gas reserves.

Mr Tod said: “Carlisle hasn’t got anything like that and it is still possible to get a good quality rental property for between £500 and £600.”

The Endsleigh report shows that the average monthly rent across the UK in 2011 rose for the third year running to £706 compared with £688 in 2010 and £663 in 2009.

However, central London, the most expensive place to rent, saw prices decline by 3 per cent in 2011 to £1,330 per month.

Grant Stevens, general manager of Letting Services at Endsleigh, said: “Rents in London have been rising for a long time so it is no great surprise that there is finally a cooling in prices.

“However, nationally, year-on-year, the picture is one of a very buoyant rental market and, with the overall rise in-keeping with inflation, it won’t unduly affect the pockets of either Carlisle’s landlords, who are enjoying good yields, or renters, who are able to access a whole range of properties.”

Tenants in parts of Wales, Scotland and northeast England pay two thirds less than London counterparts.

Have your say

Low wage economy equals low rents. Simples! Now if the City Council could spend some of our hard earned cash wisely and attract some high quality employers to Carlisle things might improve.

Posted by johnstitch on 24 August 2012 at 08:13

Which is why all the noise about poverty and lack of affordable housing is a load of old nonsense.

Posted by Jim on 23 August 2012 at 21:03

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