Zero Deposit analysed the current cost of renting across every postcode of England and Wales before looking at what this means for the average tenant when it comes to the deposit required to secure a property at five weeks asking rent, or six weeks rent for tenancies of over £50,000 over 12 months.
The research shows that: –
- The current average monthly rent across England and Wales is £1,294, meaning the average tenant is required to stump up a deposit to the tune of £1,493.
- This cost is, of course, far higher in some areas compared to others and nowhere more so than the capital, which dominates the top 10 most expensive postcodes for tenant deposit costs.
- The SW7 postcode in Kensington and Chelsea sits top with the average deposit costing an eye-watering £6,792. Westminster’s W1 postcode isn’t far behind with the average rental deposit sitting at £6,659.
- The nearby SW1 and W8 postcodes are home to an average rental deposit cost of £6,182 and £6,167 respectively, while tenants looking to rent in Camden’s NW8 postcode will also have to stump up over £6,000 upfront for the pleasure.
- Just two postcodes make the top 10 outside of London, the KT11 postcode in Elmbridge (£4,662) and Runnymede’s GU25 postcode (£4,463) – both of which are located in the South East.
Elsewhere across England and Wales, the following rank as the most expensive postcodes when paying out for a rental deposit: –
- East of England: AL6, Welwyn Hatfield, East Hertfordshire and North Hertfordshire, £3,433.
- South West: GL54 Cheltenham, Cotswold & Tewkesbury, £2,416.
- West Midlands: B29, Birmingham, £2,222.
- North West: WA15, Trafford, Manchester and Altrincham, £2,045.
- Wales: SA2, Swansea, £1,862.
- East Midlands: NN12, West Northamptonshire, £1,810.
- Yorkshire and the Humber: YO1, York, £1,795.
- North East: NE2, Newcastle upon Tyne, £1,569.