April 2017 - March sees booming rental market in the East of England
East of England a big gainer as rents grow 7.4% in a year.
Average rent in England and Wales was £800 in March.
North East remains cheapest place to rent.
Valerie Bannister, Lettings Director, Your Move, comments:
“Rents in London have declined in the last 12 months, falling from £1,297 a year ago to £1,203 in March 2017.”
“In previous months we have seen rents in the South East rise as people looked to move beyond the capital, but it is the East of England which appears to be seeing the benefit as rents here have risen 7.4% in the last year.”
“Though rents have dropped in the South East as demand continues to outstrip supply for affordable housing, the area remains good value for renters.”
London and the South East were among the regions to see rents fall in the past 12 months as people continued to look outside the capital for rental properties, the Your Move England & Wales Buy to Let Index found.
London remains the most expensive place to rent a property, but the South East has slipped back in the last year. The East of England is now the region with the highest rents outside of London, moving ahead of the South East.