Annual rent costs in Leeds hit £10,000
It is often publicised that those who are living in the north of the country see far more favourable conditions when it comes to rental homes.
With cheaper prices month to month, and far more moderate growth than is often seen in the south, northern cities are seen as value for money by most commentators.
However, a new report has discovered that the West Yorkshire city of Leeds is becoming far from cheap to live in, as its prices have risen to the extent that letting a home in the settlement will see tenants paying the country's highest prices in the north and the Midlands.
The National Housing Federation reported that of all northern cities, Leeds and York are becoming more expensive than most cities, as they are victims of their own popularity.
Its report said that the cost of having to pay for rent on an annual basis in Leeds is taking £10,000 away from people's incomes.
The reasons given for the popularity of these cities is the fact that their economies have both remained relatively successful financially during the economic turndown.
The National Housing Federation’s lead manager for Yorkshire and the Humber, Rob Warm, told the Yorkshire Post: "York and Leeds are two of the most desirable locations to live in the North, and with that comes a cost which is now proving to be unsustainable. One of the biggest issues is that people who are trying to save up to buy their own house are finding it impossible as their incomes are being used to pay for their rents."
There is a warning for letting agents in the two cities though, with Mr Warm saying that there could be an increase in the number of people who go to live in neighbouring towns because it will be cheaper for them to do so in the long run.
One of the most problematic issues is that many people trying to save up for a deposit on their mortgage cannot afford to do so if such a sizeable chunk of their earnings is going towards their monthly rent.
Posted at 04:57 24/08/2012