April 2017 - March sees booming rental market in the East of England
London sees sharp fall in rents
The rental market in London has continued to slow down with rents falling both month-on-month and on a yearly basis, Your Move found.
The average rental property in the capital was let for £1,203 during March 2017. This is 6.4 % down on January’s total of £1,280 and 7.5% lower than the same point last year.
London was not the only region surveyed to see rents fall on both a monthly and annual basis. The South East also saw decreases, although not on the same scale.
The average property in the South East now costs tenants £845 per calendar month. This is 3.9% down on last month and 0.9% lower than a year ago. This change means the East of England is now the most expensive place to rent a property outside of London.
In the East of England the average property was let for £883 in March 2017. Prices here have increased by 1.6% in the last month and are now 7.4% higher than in March 2016.
The North East was the only other region which saw rents decline in both the last month and last year. Prices in this region now average £525 per month after falling 3.7% since last month and 3.1% versus March 2016. It remains the cheapest place to rent a property in this survey.