These are the cheapest places to rent a property in Milton Keynes

The average private rent in the city is £1,132, research shows

Tuesday, 23rd November 2021, 11:32 am

An estate agent has researched the cheapest areas to rent a home in MK.

Around 40% of householders in MK rent their home rather than own it and the average they pay is £1,132 a month, which is £73 above the national average of £1,059.

Dominic Marcel, who is director of local estate agents Lion Estates, surveyed each postcode area in MK to come up with the cheapest and most expensive places to rent.

40% of households in MK are renting their home

"We crunched a combination of data sources, including statistics from the government, and drilled down to discover the local areas that represent the best prices for renters across the district. Plus, we can reveal the places that are the best value in comparison to local sale prices," he said.

In top spot for best rental prices is MK12m which covers Greenleys and Wolverton. Monthly rents are on average £1,039.

Next in the pecking order is MK7 – Kents Hill, Walnut Tree and Brownswood - at £1,054 per month.

This is followed by MK14 - Great Linford, Stantonbury, Blakelands, Giffard Park, and Linford Wood. Next is MK6 (Fishermead, Oldbrook, Eaglestone, Simpson and Woughton on the Green) followed by MK15, which includes Pineham, Tongwell, Springfield, Willen, Oakgrove, Woolstone, Downhead Park and Northfield,

At the other end of the scale, the most expensive neighbourhood in which to rent is MK4 – Emerson Valley, Kingsmead, Tattenhoe and Westcroft at £1,268 per month - some 22% more expensive than the cheapest area.

Interestingly, the highest rents do not necessarily correspond with the highest house prices, said Dominic.

"The area with the highest house price is MK17 at £482, 217. This sits in middle ground where rent costs are concerned at £1,112. In other words, you can rent in one of Milton Keynes’ most expensive enclaves, Woburn Sands, The Brickhills, Stoke Hammond and Newton Longville, for just 2.7% annually versus the cost of actually buying that home," he said.

Dominic added: “Not only are Milton Keynes rental values bang on the average for the UK, but this is despite the fact that average house sale prices are £27,000 higher than the UK average. This means that local rental values are a relative bargain and especially versus certain areas of the town such as Greenleys and Wolverton”.

“That said, our data also shows that rental values have risen quite sharply in the last 12 months, by 11.7% against a national average rise of 8.7%, and therefore this comparative value may not stay so for long as demand from tenants wanting to live locally continues to increase."