- Average rent in England and Wales reached an all-time high of £846 in July 2016.
- Year-on-year rent increases hit 5.2%, reversing recent trend.
- South East sees rent increases of 14.9 % over the year – suggesting Londoners are moving out of the capital.
- North East home to highest yields at 5.5%, London lowest at 3.2%.
The average rent in England and Wales now stands at £846 per calendar month, the highest figure ever recorded by Your Move.
July’s figure is 5.2% higher than last July and 4.4% up on the £810 recorded in June 2016, suggesting the UK’s decision to leave the European Union has had no negative effect on rents.
Rent growth in the South East of England was significantly higher than anywhere else, with the typical property now commanding £924 per month. This is 14.9% higher than a year ago. Upward pressure on the market in the South East could be a result of tenants looking further afield to offset high London rents. While July’s average of £1,273 is higher than the previous month’s figure of £1,225, the market in the capital is down 0.7% year-on-year. It was the only area of England and Wales to post an annual fall and remains below the £1,301 recorded in September 2015. London still remains home to the highest rents (£1,273), well ahead of the South East (£924) and East of England (£857).
Source: Your Move Buy to Let Index, August 2016