East and South East rents rise as demand outside London rockets
• London and the South West only two regions to see rents fall year-on-year
• Average rent in England and Wales was £798 in February
• Wales sees rents rise faster than anywhere else in UK
• Strong rent growth outside of London
In its latest England and Wales Buy to Let Index Your Move has reported that the average rent in England and Wales was £798 in February 2017 and that the heat continues to dissipate from the London rental market with areas around the capital now seeing large rent rises instead of the City itself.
The South East and East of England regions were among the fastest growing areas in the last 12 months and, although London is still home to the highest rents (standing at £1,280) it was the only area of the UK to see rents fall on both a monthly and yearly basis.
Valerie Bannister, Lettings Director, Your Move, commented “The dramatic rent increases in London have now slowed as people look outside the capital in order to meet their housing aspirations with the South East and East of England – which traditionally offered much better value than the capital – appearing to be tempting many Londoners to look further afield for rental properties. Wales also saw the strongest outright performance with rents increasing, on average, by 7.7% in the last year, more than anywhere else in the UK.”
To see the full report, simply visit our Media Centre at: https://www.your-move.co.uk/buy-to-let-index/march-2017/overview