Rents in Liverpool have soared far above pre-pandemic valuations.
New figures from the Valuation Office Agency revealed on average, a property in Liverpool cost £575 a month to rent in the year to March 2022. This was up £51 a month compared to the year leading up to March 2020 - meaning there was just short of a 10 percent increase since the start of the pandemic.
Every borough in Merseyside has seen rent prices increase. Significant increases were seen in St Helens where rent prices are up over 11 percent since March 2020 to £550 in March 2022 and Sefton which currently sits at over eight percent at £595. Rents are also up four-and-a-half percent in Wirral to and Knowsley.
READ MORE: Teenage girl took the dog out for a walk and never came home
The figures are published twice a year and are based on a sample of around half a million private renters recorded nationally. The Valuation Office Agency caution against reading too much into the figures due to the small sample size.
But they do give a rough indication as to whether rents are rising or falling in an area. The findings are also backed by a separate report by Zoopla published earlier this year.
Zoopla's report found rents in Liverpool have increased nearly nine percent over the course of the previous 12 months. Across the UK they've risen by 11 percent.
The highest average rent increases in the UK are in Tewkesbury, Gloucestershire. The average rent was £863 a month in the year up to March 2022 - a dramatic 26.9 percent rise.
Gráinne Gilmore, Head of Research at Zoopla said: “The severe shortage of rental stock, coupled with high demand is driving an increase in rental prices across the UK. Rents are likely to continue rising for longer in locations which have the most constrained stock levels like London, Scotland and the South West - and this increase in rents is having a knock on effect on the length of tenancies, with UK tenants staying in their rental properties for an extra 5 months compared to five years ago.
“We anticipate that overall, rental growth will start to ease as we head into the remainder of the year, with the cost of living crisis impacting demand levels."
READ NEXT:
Live updates as police at bloody scene outside of pub
Flight attendant issues warning to people who fall asleep on planes
Son has to hold mum back as she hurls abuse and swings broom in row with neighbour
Liverpool's 'glamorous' floating nightclub that was known for its 'disco dancefloor'
