Two places in Cumbria have been revealed as having the cheapest rent in the UK.
With the Stamp Duty holiday extension and 5 per cent deposit schemes announced during the 2021 Budget, many buyers are looking to move.
The day of the Budget was Rightmove's busiest, with more than nine million visits to the site in jut 24 hours.
Alongside this, Zoopla has reported rental growth outside of London at its highest level in four-and-a-half years.
Research conducted by mortgage advisors has revealed the most affordable areas for rent in the UK.
The team at RM Mortgage Solutions ranked 181 of the largest towns and cities across the UK on the percentage of income residents spend on rent, which found two places in Cumbria to be the cheapest for rent.
Barrow ranked third on the list, with rent averaging £500 a month or 18.1 per cent of income.
Carlisle ranked sixth on the list, with rent averaging £465 per month or 19.4 per cent of income.
The areas with the most affordable rent:
- Derby - £590 per month, 17.4 per cent of income
- Hull - £412 per month, 18 per cent of income
- Barrow-in-Furness - £500 per month, 18.1 per cent of income
- Hartlepool - £450 per month, 18.6 per cent of income
- Stoke-on-Trent - £450 per month, 19.3 per cent of income
- Carlisle - £465 per month, 19.4 per cent of income
- Liverpool - £500 per month, 19.4 per cent of income
- Middlesbrough - £475 per month, 19.6 per cent of income
- Barnsley - £475 per month, 19.9 per cent of income
- Darlington - £450 per month, 19.9 per cent of income
Richard Moring, director at RM Mortgage Solutions Ltd, said: “Ultimately, moving location is a balancing act that doesn’t just come down to cost. Prioritising certain elements or making a checklist of likes and dislikes that you can tally up are both great ways to decide if you’d like to live in one area over another.
“If you’re unsure about an area, consider testing the water by renting. A lot of time and money goes into buying a house, from researching lenders to completion. Taking the time to experience an area can be invaluable when deciding which street, part of town or property type you would like to live in.”
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