London rents end year at £1,291, just £10 more than a year ago
- Average rent was £811 in England and Wales during December.
- East of England saw fastest rent rises in last 12 months closely followed by the South East.
- Across England and Wales prices up 2.2% annually.
- London rents end year at £1,291, just £10 more than a year ago.
In its latest Buy to Let Index, Your Move reports that average rent in England & Wales during December 2016 stood at £811 in comparison to £790 at the beginning of the year.
On a regional basis, most areas saw rents rise or stay broadly flat compared to 12 months ago. Just two regions saw a year-on-year decline - the South West and the North East - with London home to the highest rents in England and Wales. The typical property let for £1,291 in December, just £4 lower than November’s total of £1,295 and, as demand for properties in London has slowed, many people have looked outside of the capital for options.
In the rest of the country rents remained relatively flat or saw rises with the East of England the best performing area - growing 0.7% compared to November. This was followed by the South West (0.6%) and the East Midlands (0.5%).
Valerie Bannister, Head of Letting at Your Move commented:
The rental market in England and Wales has ended the year strongly with all key indicators looking positive. Rents have ended the year higher than they started in most areas and yet, as our Index shows, tenant arrears have remained broadly at the same level.