February 2017 - Rental market has strong start to 2017
East of England continues to power rental scene
The rental market performed strongly across England and Wales this month with rents rising in eight of the nine regions surveyed, Your Move found.
The East of England was home to the fastest rising rents in the last year. Prices in this area increased by 6.9% in the year to January 2017 and now stand at £870 per month. This region also saw the fastest growth month-on-month with rents ticking up 0.7% between December and January.
Prices in this area may have been buoyed by people living in London looking beyond the capital city in order to meet their housing aspirations.
Other areas to see strong growth included Wales – where prices increased by 6.5%, in the past 12 months to reach £586 - and the East Midlands, which saw a 4.5% uplift compared to a year ago. The average property in this region – which includes major cities such as Derby, Leicester and Nottingham – now lets for £634 per calendar month.
The South West was the only area to see a fall in rents in the last year. Prices in this region dropped by 1.6% in the year to January 2017 and now stand at £661. Rents did increase slightly between December and January, however.
Just two areas saw prices fall month-on-month. They were London (-0.4%), and the North West (-0.1%). Despite this setback, London continues to have the most expensive properties in this survey, with the average rent standing at £1,286 in the capital city.
Across the whole of England and Wales the average rent stood at £798 in January 2017. Last month this figure was £811 while at the same point in 2016 it was £790.