January 2017 - London rents end year at £1,291, just £10 more than a year ago
Regional outlook remains positive
Despite a slight dip between November and December 2016, London remains home to the highest rents in England and Wales. The typical property let for £1,291 in December, just £4 lower than November’s total of £1,295, Your Move found.
The capital was the only region to see a fall in rents month-on month as the rest of the country was either flat or saw rises. Rents in the East of England grew 0.7% compared to November – the best performing area. This was followed by the South West (0.6%) and the East Midlands (0.5%).
On a yearly basis, the East of England saw rents rise faster than any other region. As demand for properties in London has slowed, many people have looked outside of the capital for options. The South East saw strong rent rises across the year (4.6%) and in the East of England the typical rent has grown 6.1% since December 2015 to reach an average of £864 per month.
The East Midlands was the next best performing area as rents in the region grew by 5.5% in the past year to reach £633. Other areas to perform strongly included Wales (up 4.9%) and the South East (4.6%).
Only two areas saw average rents fall on a yearly basis. In the South West homes now let for £660 per month, 1.4% lower than 12 months ago. The North East saw a smaller fall with prices down 0.2% on the year.
This means the North East remains the cheapest place to rent in England and Wales, with the average property on the market for £543. The other regions where the average property let for less than £600 per month were Yorkshire and the Humber (£564) and Wales (£584).
Across the whole of England and Wales the average rent stood at £811 in December 2016. At the same point in 2015 this figure was £794.