For the first time ever the UK is home to more renters than homeowners. We have rising house prices and navigating an unsteady economy to thank for that.
As the tables turn we wonder, just what can you get for your money these days?
New research by Bunk, a leading tenant and landlord letting platform, has revealed what you can rent across the UK – for the average UK rent threshold of £900-£1,000.
Related: We reveal postcodes MOST likely to see house prices drop in the coming months
We feel like this should be accompanied by jazzy music, so hum if you will – as we reveal the results...
What will £1000 a month rent buy you in the UK?
With the rental market as varied as the sales market when it comes to regional differences in cost, we look at what you can rent and where – for the same price.
1. Studio flat in London
It's no surprise that you don't get much, space-wise, for your money in the capital. £900 will get you a studio flat in South Kensington’s sought-after Gloucester Road or in a gated development in Brixton, complete with a private pool.
2. One bed apartment in Leeds, Birmingham and Bristol
If you want plush living but don't need much space you might prefer apartment living. The sum of £950 will set you up in a one-bedroom apartment in the Royal Parade, Bristol. Or a one bedroom apartment in both the Mailbox in Birmingham and Granary Wharf in Leeds.
3. One-bed terraced house in Cambridge
Bag yourself a one-bedroom terraced house with scenic country views in Oxford for £1,000. Alternatively pick-up the same size property in Cambridge for £950 a month and make a saving.
4. Two-bed duplex in Southampton and Edinburgh
Close to the top end of the budget, at £980 a month, you could secure a two-bed duplex in a grade-II listed building in Southampton’s desirable Oxford Street area. Alternatively a two-bed terraced with characterful period features in Edinburgh’s Rosebank Cottages.
5. Four-bed terraced house in Newcastle
It appears £1000 goes along way in Newcastle, where you can rent a four-bed terraced house for a budget of £900-£1,000. The same applies to a three-bed apartment in Compass House, Plymouth.
‘The UK rental market is home to a wide and wonderful variety of properties, to suit all styles, ‘ explains Tom Woollard, Co-founder of Bunk. ‘It’s interesting to see just how the stock available differs, when you take the same monthly budget and apply it to the various regional cities across the nation.’
‘Of course, you get a lot more property for your money when you look to the more affordable areas. But that doesn’t mean you can’t find something with a bit of personality, even in the likes of London, Oxford and Cambridge.’
Related: This is what's currently happening to house prices in the UK – and it's good news!
‘All too often, the speed at which property can let means that many tenants will settle for the first thing they find. Or are able to put a deposit on. But it can make a real difference to your life satisfaction if you rent a property that you love to live in, rather than one you just choose to live in.’
The listings includes are provided by Rightmove.
Renting or buying, it's always interesting to see how far your money will get you.
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