Struggle for affordable homes as Norwich rent prices surge

Real estate website Zoopla found that the average cost of renting a property in Norwich now stands at £869.

A combination of factors are leading to the rent hike, including a fall in supply and rising mortgage rates.

Tiffanie Kerr, lettings development manager at Brown & Co, confirmed that the estate agents has seen rents increase by "at least 8pc over the last year or so."

Tiffanie Kerr, lettings development manager at Brown & Co (Image: Brown & Co)

She added: "There are far fewer properties coming on to the market at the moment. So many landlords have sold as house sale values have soared, landlords’ tax breaks have been cut, and there is anticipation that the Government will be bringing in legislation that will impact on a landlord's ability to gain possession."

Landlords will also have seen their mortgage rates increase over the last year.

When buying a property to rent out, a specific buy-to-let (BTL) mortgage is required and, as with standard mortgage rates, the interest on these mortgages have been rising.

Data from Norwich-based finance firm Moneyfacts shows that the average rate on a two-year fixed BTL mortgage has increased from 2.99pc to 3.41pc over the last year, with five-year fixed equivalents rising from 3.35pc to 3.56pc.

These mortgage rate rises will likely also be passed onto renters, so rents could continue to increase.

However, Ms Kerr also said: "As the cost of living crisis becomes more apparent, we have noticed a slight cooling off in enquires."

'I'm not sure what I'll do'

Maja Anushka, a 23-year-old journalist and audience development specialist, has been struggling to find an affordable home to rent in central Norwich since February.

Maja Anushka revealed that she is struggling to find affordable rental properties in Norwich (Image: Maja Anushka)

She said: "I've been viewing flats and houses since February as my current two bed rental with a housemate will be coming to an end when she moves into a new home. It's been an incredibly frustrating experience.

"The biggest challenge is that I'm looking to rent as a single tenant. Even the smallest one bedroom flats can cost more than my 'affordability', even though I am on a relatively good wage for my age group and qualification level. Because of this, estate agents want me to have a guarantor as part of my application. I've missed out on flats purely because my parents can't turn around the forms quickly enough - by the time they manage to get it all filled out, the estate agents have already accepted an application from someone else.

"Other times, I've called up about properties only to find out they've already (within less than 30 minutes) been fully booked for viewing slots. The competition is so fierce and renting as a single person makes it that much harder as character references and a clean renting history aren't enough with rent prices are going up.

"If I can't find a flat to move into before the end of July, I'm not sure what I'll do. I could move into a spare room in a shared house which is a cheaper option, but I'm not too keen on living with strangers as I've already grown out of that type of accommodation and desperately want my own space."