Rent prices rise in Humber region, but remain well below national average

Newland Avenue, Hull, in the summer
-Credit: (Image: Richard Addison Photography)

Rent prices have risen above inflation in the Humber area, but are lower than the national average.

It costs £1,293 a month to rent the average home in England, according to the latest figures from the Office for National Statistics which cover the year to April 2024. That is an 8.9 per cent increase compared to last year. It is the same percentage rise in rent across Britain.

Rent prices in Humberside are less than half the average in England, and their increases have been more modest. But prices are going in an upwards direction.

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Hull (6.5 per cent, to £583) and East Riding (6.3 per cent, to £643) had higher year-on-year average per cent rises. Reflective of the relatively low rent levels are the latest average house prices in areas of Hull and Grimsby, too.

North East Lincolnshire is up 4.4 per cent, to £567 average rent per month. North Lincolnshire is up 4.6 per cent, to £560 average rent per month.

Two areas of Hull also have average sale prices lower than £110,000. HU3 averaged £109,588 over the last 12 months. HU2 postcode averaged £87,955, though only 14 sales are recorded there.

The DN31 postcode in Grimsby remains the third cheapest place to buy a house in England and Wales, according to latest government data. Sales there over the last 12 months have averaged £77,951.

A National Residential Landlords Association spokesperson said: "The rise in rent levels across the UK’s private rented sector has been caused by a range of factors - chief among them the supply and demand imbalance which has resulted from the government’s failure to create a market conducive to investment.

"With demand far outstripping available supply there are now, on average, 15 prospective tenants chasing every rented property. This is double the pre-pandemic level and illustrates just how much of a priority increasing the availability of homes must be for the next government.

"Moreover, the effect that rising interest rates and punitive changes to the tax system have had on investment should not be downplayed. The cost of servicing a typical buy-to-let loan has more than doubled since 2022 leaving landlords’ options limited to passing on increasing costs in the form of rent increases or withdrawing from the market.

"Ultimately, a healthy rental market is one in which there is a supply of rented housing to meet ever-growing demand. Whoever forms the next government must make this aim a key priority."

London has seen the largest increase in rent prices in the country. Rents in the capital as a whole have increased by an average of 10.8 per cent to £2,070 a month.

Brent has seen the largest increase of any local authority in the country over the last year. It cost £2,028 a month to rent a home in the London borough in the 12 months to April. That is 32.6 per cent more than a year earlier.

The government estimates 1,001,000 net extra homes have been delivered in England during the course of the 2019-2024 Parliament. Its Renters' Reform Bill, with plans to transform the private rented sector, was not passed before the general election.