August 2017 - Bottleneck of housing supply sees rents rise in July
Shrinking property supply pushes up rent levels.
Nine UK regions saw prices rise on a yearly basis.
South West sees yearly rents dip 2.2%.
Average rent across England and Wales is £874.
Richard Waind, Director, Your Move, comments:
“We are now starting to see the real impact of the government’s Stamp Duty revision, plus the additional tax changes which have hit landlords hard.”
“The outcome has been a decline in the number of rental properties on the market and this has had the effect of pushing up prices for tenants.”
“Tenants in London face a different issue as rapidly rising travel costs are increasing the overall cost of living in the suburbs, despite rents generally being cheaper than central areas.”
“The Private Rental Sector, however, could still be seen as an attractive opportunity for investors, with the North East and North West in particular seeing strong growth. Although buy to let investors are preparing for the new PRA changes coming into effect in September, it’s clear that there are still people who believe that, property remains a viable investment option.”
Average rents increased in most areas of England and Wales this month, with a fall in housing stock causing prices to rise.
The Your Move England & Wales Buy to Let Index found nine of the ten regions surveyed saw increases in rents during the past year. The average rent across the two nations now stands at £874 following a 3.1% price increase in the last 12 months.