What it now costs to rent a home in every Greater Manchester borough as prices soar yet again
The property market has been hit hard over the last few years as a result of the coronavirus pandemic, the cost of living crisis and most recently the impact of interest rates rises. House prices have continued to rise across the UK and many homeowners have recently seen an increase in their monthly mortgage repayments as a result of higher interest rates.
Rising demand and a lack of supply is causing rent costs to rise rapidly, with rents up by 12.1 percent over the last 12 months to October 2022 - which on average is an increase of £117 per month or £1,400 a year. Back in June 2022, Rochdale was the second most affordable borough for rental properties, with an average cost of £634, therefore this has increased by £166 in the last six months.
Back in June 2022, Wigan was the cheapest part of the region to rent with average rent costs at £606 a month.Salford You could expect to let a property in Salford for an average price of £864 per month six months ago.Trafford Trafford has always remained the most expensive area to buy a house in Greater Manchester, and in June 2022, it was the most expensive borough to rent too.
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