February 2018 - Strong start to the year for the England and Wales rental market
North West and East Midlands start year with a bang
The North West and East Midlands were the regions with the fastest growing rents in the year to January 2018, Your Move found.
Prices in the North West - which includes major cities like Liverpool and Manchester, plus rural areas of Cheshire and Lancashire - rose by an average of 2.9% in the last year. The typical rent now stands at £636.
The East Midlands also saw prices increase by 2.9% year-on-year to reach £652. Elsewhere, the East of England saw price growth of 2.7% to £894 per month. Only two regions posted an annual rent decrease.
The biggest percentage fall was in the North East, where prices have declined by 2% in the last year to £534 per calendar month. It remains the cheapest place to rent in the UK.
In London, the most expensive area of the country to rent a property, prices dropped by 0.8% in the last year. The average property in the capital now costs £1,276 to rent.
However, there are significant differences across many areas of London. When broken down based on London Travelcard zones, prices showed a wide variation.
For example, in Travelcard Zone 2, the average rent in January stood at £1,651, while in the less central Zone 5, it was much lower at £1,099. However, this pattern is not uniform across all areas. Rents in Zone 6 were higher – at £1,158 - than Zone 5, despite being further away from the centre of the city.