How much more does it cost to rent near a famous UK landmark?

How much more does it cost to rent near a famous UK landmark?

Our latest research has found that renting near to a famous UK landmark can cost as much as 207 per cent more than renting in the wider area.

We analysed the current cost of renting in the surrounding areas of 32 famous UK landmarks including Warwick Castle, Edinburgh Castle, Roman Baths and Brighton Pier. And compared this to the rental costs of the broader area in which the landmarks are located to associate the difference.

Our research shows that the average cost of renting close to a famous landmark is currently £1,613 per month, this is 55 per cent more than the average of £1,043 across the wider areas.

 

Co-founder, Matthew Hooker, commented:

“It seems that it’s not just commuter links and nearby amenities that will drive up rental prices, as the close proximity of a famous landmark also appears to push rental costs above and beyond the wider average in a given area.

However, while the diversity of the UK rental market does mean there are some landmark rental bargains to be had, those struggling with the affordability of renting probably wouldn’t consider it a necessity when house hunting.

In this instance, the best option is to find a more affordable pocket of the local market and bridge the distance with some good old-fashioned exercise to reduce your monthly rental outgoings.

The availability of deposit replacement schemes such as Ome can also help to mitigate the preliminary barrier to renting and remove the cash flow issue by allowing tenants to pay smaller, monthly instalments.”

 

Areas surrounding Hampton Court Palace are the least affordable landmark rental market. The KT8 postcode is home to an eye-watering average rent of £4,965 per month which is a staggering 207 per cent more than Elmbridge as a whole (£1,617).

The Tower of London area ranks second and is the only other landmark where the average rent exceeds £4,715 per month. This monthly rental cost comes in 157 per cent higher than the borough of Tower Hamlets (£1,835).

The Cerne Giant surrounding area in Dorset is the third and final landmark with a rent of more than 100 per cent that of the area itself. At £1,823, renting around this famous landmark is 119 per cent more expensive than the average cost of renting in Dorset.

Other UK landmarks placed in the top ten where the cost of renting in relation to the wider area costs more are, Westminster Palace, Buckingham Palace, Durham Cathedral, Coventry Cathedral, Windsor Castle and Albert Docks. All of which have a monthly rental cost of more than 50 per cent of the cost of renting in the wider area.

Although renting close to most UK landmarks will be a much higher monthly cost there are a few exceptions.

Blackpool Tower offers a landmark rental bargain, with the average monthly rent of £447 coming in 17 per cent lower than the Blackpool average (£538).

Renting near to Lake Windermere will cost you 16 per cent less (£585) than renting in the wider area of South Lakeland (£693). Lincoln Cathedral also offer a rental saving of five per cent (£585) in the surrounding market when compared to the wider area (£618).