Wrexham named among cheapest cities to rent in the UK

The experts revealed the cheapest place for first-time buyers to purchase a property in 2024, with Aberdeen taking the title.

Rightmove also analysed data from UK Finance which showed the average deposit size in Scotland and Wales was 20%.

They then went on to compare average monthly mortgage repayments with how much people pay a month for rentals.

Most expensive UK cities to buy a house in

As part of the study, Rightmove revealed the top 10 cheapest cities to rent in the UK, with Wrexham featuring among the list.

The cheapest cities to rent in the UK

The cheapest cities to rent in the UK, according to Rightmove, are:

1. Carlisle (average monthly rental payment: £607)
2. Hull (£638)
3. Sunderland (£648)
4. Stoke-On-Trent (£701)
5. Doncaster (£707)
6. Bradford (£714)
7. Wrexham (£754)
8. Lancaster (£764)
9. Aberdeen (£775)
10. Preston (£787)

Average asking prices have risen by 1.1% since March, to £372,324. Prices are now 1.7% higher than last year, the most for 12 months. This is mostly driven by the top-of-the-ladder sector, with new sellers up by 18% vs. last year.

Take a look at what's happening in your area👇 pic.twitter.com/IEZmpq4sNr

— Rightmove (@rightmove) April 22, 2024

Wrexham among cheapest cities to rent in the UK

Wrexham was named the seventh cheapest city in the UK to rent by Rightmove with an average monthly rental payment of £754.

The average rent in the North Wales city was nearly £150 more than that of the cheapest place to rent in the UK - Carlisle.

But for those first-time buyers living in rented accommodation, putting off purchasing their first home, it's not good news. 

Using the average deposit in Wales of 20% (based on UK Finance data) over 35 years, the monthly mortgage repayments in Wrexham for a first-time buyer-type house (no more than two bedrooms) were found to be £513.

This is £241 less than what you would pay (on average) a month for a rental in Wrexham.

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Figures show why so many people are looking to get on the property ladder

Rightmove’s property expert Tim Bannister said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.

"Longer mortgage-terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.

"Without improvements to the supply of good quality, affordable rental homes in Great Britain, owning your own home is likely to continue to be the end-goal for those that can get their deposit together, and borrow what they need to from a mortgage lender.”