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24 November 2014, 06:25
Plymouth, Cardiff and Leeds are among the best-value cities to rent a home while London, Edinburgh and Birmingham are among the least affordable places, a report suggests.
HomeLet, which provides insurance products to the private rented sector, analysed 16 cities across the UK to calculate the cheapest and the most expensive places to rent, compared with local incomes.
Plymouth was named as the most affordable city, with rents typically taking up just over a quarter (27%) of a renter's take-home income.
At the other end of the scale, London renters were found to see almost half (49%) of their incomes swallowed up by rent.
Martin Totty, chief executive of Barbon Insurance Group, of which HomeLet is part, said: ``Our analysis of the affordability of renting in the UK's major cities has produced some surprising results.
``In some parts of the UK, such as Scotland and East Anglia, where rental prices are now falling or stagnant, the data tells us that renting in some cities in these regions is still stretching tenant affordability.''
Here are the percentages of monthly net income taken up by rent in the five most affordable cities for renting, according to HomeLet:
1. Plymouth, 27%
2. Cardiff, 29%
3. Leeds, 34%
4. Norwich, 35%
5. Glasgow, 35%
Here are the percentages of monthly net income taken up by rent in the five least affordable cities for renting, according to the findings:
1. London, 49%
2. Edinburgh, 47%
2. Birmingham, 47%
4. Cambridge, 43%
5. Bristol, 43%