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January 2018 - 2017, the year of growth for the East of England

Fast Facts

  • East of England sees fastest growth in rents.

  • North East cheapest area to rent, yet offers best return for landlords with 5.0% yield.

  • London and the North East see year-on year rental falls.

  • Wales sees improvement in landlord returns.

Quick Quotes

Martyn Alderton, National Lettings Director for letting agents Your Move and Reeds Rain, comments:

“The rental market in England and Wales ended 2017 on a positive note for landlords, with rents, overall, up 2.3% compared to a year ago, and average yields across the country now at 4.4%.”

“However, behind these figures lie fluctuations particularly in relation to the fall in average rents in London and strong growth in average rents in other regions.”

“In many ways, the rebalancing of the rental market across the country should be seen as a good thing as demand spreads to other areas and keeps the market robust.”

“London still remains one of the most popular and expensive places to rent, yet we are now seeing strong growth in demand for rental properties in the regions around the capital.”

Key insights

  • The average rent in England and Wales was £850 (seasonally adjusted) in December 2017, an increase of 2.3% in the last 12 months.

  • Prices in the East of England led the way in the last year, with the average monthly rent increasing by 3.3% in 12 months to reach £893. It is now the second most expensive place to rent behind London.

  • The average rent in London was £1,274 in December, following a 1.4% fall year on-year.

  • The North East becomes the cheapest area to rent in the UK, with the average rent being £534.

  • On a non-seasonally adjusted basis, the average rent for all of England and Wales in December 2017 was £828.

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