Cardiff named one of the most affordable places to rent in Britain
Are you a student who’s thinking about where to live after you graduate? Or have you finished your studies and are looking for the ideal location to settle down? If so, we at Capital Properties understand that you’re likely to be seeking a place that can offer both value for money and a warm and welcoming atmosphere, and while we’re a little biased towards Cardiff, a new study has indicated that Cardiff could be the perfect place for tenants.
The study was published by HomeLet, a leading provider of insurance products to the private rented sector, and analysed rental prices and local levels of residents’ income in 16 cities across the UK. To determine which city offered the best value for renters, HomeLet explored what proportion of residents’ income was spent on their rent and found figures ranging from a relatively low 27% up to a staggering 50% of the average income.
Cardiff named the second most affordable city in the UK
The results show that Plymouth is the most affordable city in the UK with the average rent costing just 27% of a typical income. Cardiff came second in terms of affordability with 29%, followed by Leeds (34%), Norwich (35%) and Glasgow (35%). Unsurprisingly, London was the most expensive city in the UK for tenants with the average person spending 49% of their earnings on rent, followed by Edinburgh (47%), Birmingham (47%), Cambridge (43%) and Bristol (43%).
Huge difference in rental prices across the country
We all know that certain areas of the country are more costly than others, and while it’s expected that London will be a more expensive place to live than Cardiff, the results have shown that some other areas of the country, such as Scotland and East Anglia, are surprisingly pricey. Nevertheless, rental prices in some of these areas are beginning to drop, but according to Martin Totty, chief executive of the Barbon Insurance Group, they’re not falling quickly enough, and therefore, more people are finding it difficult to afford a property to live in.
Cardiff is the perfect place for young professionals and students
As a specialist Cardiff lettings agency, we love everything about the Welsh capital and would highly recommend it to any young professional looking to settle down in a vibrant, stylish city that also offers great value for money. The city is perfect for young professionals, thanks in part to an expansive property market which shows no signs of stopping. Over the last year, the city has added new communities near the riverfront, new student accommodation blocks and new commercial zones, and it has even been recognised as a hub for sporting events, being named the European Capital for Sport 2014.
Cardiff is also a fantastic city for students; not only is it filled with excellent social venues and historical attractions, but two of its three main universities recently enjoyed academic success, with Cardiff Met receiving praise for its academic standards while Cardiff University was named among the top 125 universities in the world.
If you’re a student looking for next year’s accommodation, take a look at the range of properties we have available to rent today and don’t hesitate to ask us any questions you may have. You can also get in touch by popping into our offices on Cathays Terrace or by dropping us a message on our Facebook, Twitter and Google+ accounts.