A recent report from the property portal Zoopla revealed that rent had grown faster than earnings for almost two years in the U.K. The average rent in the U.K. reached £1,126 (~$1,435) in April, rising 10.4% YoY. While rent grew at 10.4% YoY, earnings growth was 6.5%. Rental affordability is at its worst in seven out of 12 U.K. regions. - The most significant rental inflation was seen in London and Scotland at over 13% compared to April 2022. In the past five years, the typical annual growth in these regions was 4.5% to 5%.
- Northern Ireland continues to be the region with the lowest rental appreciation at a 3.7% YoY increase.
- Dundee, Luton, and Edinburgh saw rents increase at 14.5%, 14%, and 13.7%, respectively, well above London's rate of increase.
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