Cheapest places for renting revealed

Wolverhampton and Stafford are the cheapest places in the region to rent a home, according to a new survey.

Figures just released show average deposits are lowest in Stafford at £474 followed by Wolverhampton where people wanting to rent are asked to stump up around £499. The deposits are seen as indicator of the level of rent charged by landlords. Lichfield is the most expensive place to rent in the Black Country and South Staffordshire where deposits are on average £751. The average deposit across the West Midlands is £605.

Liz Piley, a principal at GDH Property Management Service in Stafford, said: “Rental properties are more reasonable in Staffordshire than other parts of the country. We are experiencing increased demand for rented property and have been exceptionally busy for the last couple of months.”

The research, carried out by the Deposit Protection Service, is based on the average size of deposit in certain geographical areas. The figures are based on an average total deposit requested by private landlords and letting agents. The letting agents tend to charge more to cover their costs.

The Wyre Forest area is the third cheapest place to rent in the region with average deposit prices of £501, followed by Sandwell at £546 and Dudley at £599. In Walsall, the figure is £637 while in Cannock Chase it is £635. In Bridgnorth, tenants have to pay an average of £611.

Michael Robinson, branch manager at Paul Jackson estate agents in Oldbury, said in Sandwell deposits were starting to go for an even lower price. He said: “Sometimes we are showing them at £500 which is due to the increasing demand in the rental market.

“We have now got some homes which are up for sale or for rent, so people will do either.”

Westminster in London came out as the most expensive rental area in the survey with an average deposit of £1,909. Sedgefield, in the north east of England, was the least expensive place with average deposits of £345.