NEW research has found that those who rent property in Tunbridge Wells spend as much as 43% of their monthly income on rent. This is higher than the Kent average of 40.4% − the second highest only to London at 53.6%.
Alan Boswell Landlord Building Insurance experts used official government statistics to investigate which UK regions were spending the least on rent by calculating the proportion (%) of income spent on rent across regions. These were then recorded as percentages.
Deborah Richards, founder of Maddisons Residential, believes there are a number of factors affecting the demand for rentals in the town.
“Life after the pandemic has now settled for most, and many people who were previously living in London have confirmed working patterns with their employers, which gives certainty that they are not needed in the office every day. Some will ‘try before they buy’ and secure a rental. Others may not be in a position to buy anyway.
“The pandemic also saw many sellers attracting excellent prices. Sadly for renters, many landlords are facing rising mortgage costs with their rental properties, and there was always a prediction that this would be passed on to tenants. This is certainly happening in many areas.”
According to home.co.uk, as at March 21, 2023, there were a total of 105 properties for rent in Tunbridge Wells, at an average cost of £1,722 per month. Twenty-four of those properties cost between £2,000 to £5,000 per month.
To see more about the average cost of renting a house in each UK region, visit https://www.alanboswell.com/news/the-average-cost-of-renting-a-house-in-the-uk/
