Merseyside is one of the most affordable places in England for renters, when compared with average earnings in the area.
Figures released by the Valuation Office Agency revealed that the average rental price across Merseyside is £495.
The average pre-tax monthly income for a full-time worker is £2,130, meaning most Merseysiders spend less than a quarter of their wages on rent.
Within Merseyside Liverpool is the most affordable area for renters, with the average price in the past financial year at £450 per month.
Knowsley was the most expensive where renting will set you back £525.
The most expensive place to rent in England is London, where renters often spend £1,300 a month on rent – over 50% of the average wage.
Cumbria was the best value of money, where they pay just 21.9% of their monthly income on rent.
It is surprising that Liverpool is one of the cheapest places to rent. Primarily because Liverpool is one of the main cities in the UK, it’s up there with London and Manchester and all of the new infrastructure that is opening up the north to business, it is predicted prices are going to increase.
In the not-too-distant future you will see rent prices increasing because of the compulsory landlord licensing coming into place. That will have an impact as well as the new motorways opening up the North West.
One thing that does push up the averages is the amount of student houses and houses of multiple occupancy, they are pushing up rent prices because landlords can charge per bedroom and it brings in more income than letting it as a family home.
Here at Belvoir Lettings Liverpool West Derby we believe the best way to get a long standing tenant in a rental property is to ensure the property is maintained to a good standard and the monthly rent is at a reasonable price. Our team ensure properties have a tenant secured as soon as possible, and we achieve this by ensuring before agreeing a monthly rental for marketing with our landlords that we have researched the area to ensure it is being advertised at a price that is competitive with properties in the local area. Here at Belvoir we strive to offer our landlord’s a professional and honest opinion, when we attend a property, we advise landlords of what work we feel if done, could increase the monthly rental amount and reduce the vacant period time.
Due to the Selective Licensing Scheme that has been made compulsory for all landlords with properties under Liverpool City Council, Here at Belvoir Lettings we have noticed a lot of landlords have requested a rent increase on their tenanted properties. Also landlords with vacant properties are expecting a higher rent due to the added expense to rent a property out.
If you are a landlord with a property and would like more information on the services Belvoir provide. Please contact a member of our team on-
Email- Belvoir West Derby
Telephone- 0151 256 0880
Website- Visit our website
