Report reveals rental hotspots

Wakefield, Coventry, Brighton, Nottingham and Greater London are the parts of the UK where renters who have just moved to the area make up the largest proportion of new tenancies.

This is according to a study from specialist insurer HomeLet, which also found that the average rent on a new tenancy in the UK now stands at £956 a month, or £747 outside Greater London.

In Wakefield, West Yorkshire, 28% of new tenancies were signed by people moving into the area in 2014-15. This rate was 26% in Coventry and 24% in Brighton.

Martin Totty, HomeLet spokesman, said: “The HomeLet Rental Index paints a fascinating picture: it reveals several hotspots around the country that are attracting and retaining tenants.

“For example, with its proximity to the burgeoning local economy of Leeds, Wakefield is an attractive and affordable location for tenants to move to. Meanwhile, cities such as Birmingham and Bristol appear to be ‘must stay’ locations, with tenants increasingly choosing to settle and stay in these cities, and continuing to choose to privately rent property in order to do so.”

Totty added: “While the London rental market continues to be popular, with the capital inevitably drawing in large numbers of people, it’s not the only part of the country attracting incomers, with tenants also choosing cities such as Nottingham, Brighton and Coventry.”