Whilst some regions in England and Wales saw rents fall over the last year it seems that the majority of rents are rising – and some more than others - according to the latest Rental Tracker from Your Move.
In the year to the end of January 2018, 8 out of 10 regions recorded rent increases to take the average rent to £829 per calendar month - that’s 3.4% higher than twelve months ago (on a non seasonally adjusted basis) - with the North West and East Midlands seeing even higher rental increases.
In contrast London and the North East saw rents fall by 0.8% and 2% with average rental prices dropping to £1,276 and £534 respectively. It means the North East remains the cheapest place to rent in the UK and also a strong contender for landlords looking for good annual returns or yields in the UK property market.
And, although prices in the majority of regions have risen, it seems that tenant arrears did the opposite, with the proportion of households in arrears dropping month-on-month from 12.4% in December to 8.4% in January.
Martyn Alderton, National Lettings Director at Your Move, commented “The new year has started in a positive fashion for the rental market in England and Wales with only London and the North East seeing prices fall. And, while 2017 saw the yields achieved by landlords continue to be squeezed, landlords can begin to feel more confident in the market as levels begin to stabilise.”