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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.

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