Have rents risen in England and Wales?
Overall rents rose by 2.3% during 2017 to reach an average of £850 per month in December 2017 according to Your Move’s latest Rental Tracker – previously known as the Buy to Let Index.
Rents in some regions, including the East Midlands and the North West, rose substantially (2.8% and 2.7% respectively) but it was the East of England that saw the greatest growth – increasing by 3.3% in the last 12 months to reach £893.
Sue Maher, Your Move’s Branch Manager in Peterborough commented:
“We are seeing a large shift in commuting patterns as tenants look to relocate away from London, to towns like Peterborough and Norwich who have already attracted some large employers. Hampton is particularly attractive for young families with good link to the A1. West Town in also very close to the mainline station.”
In contrast London and the North east have seen average rents fall over the year – with the North east seeing falls of 1.7% and an average rent now standing at £534 making it the cheapest place to rent in England and Wales.
Martyn Alderton, National Lettings Director for Your move commented:
“The rental market in England and Wales ended 2017 on a positive note for landlords whoever there were fluctuations particularly in relation to the fall in average rents in London and strong growth in average rents in other regions.”
To find out more about rents locally, simply contact a Your Move branch for details.