July 2017 - General election has little impact on rent prices across England and Wales
Election has no negative impact on rents
The uncertainty caused by the general election had no short-term impact on the rental market.
In three of the ten regions of England and Wales rents remained stable month-on-month with the remaining regions reporting rent increases. The biggest rises came in the North West and West Midlands where prices increased by 0.3% in June to reach an average of £629 and £609 respectively.
In the East Midlands, South East, and Yorkshire and The Humber regions rents all grew by 0.2% in the past month.
On a yearly basis Wales boasted faster rent growth than anywhere else. Prices increased by 7.2% in the last 12 months, although this area still remains one of the cheaper places to rent property. The average rent in June was £599, compared to £559 in June 2016.
The next strongest growth was recorded in the East of England where the average property was let for £872, 3.6% more than a year ago.
Only two regions saw prices fall compared to last year. The South West saw the biggest decline in rents, with the average property costing £664 in June - 2.6% less than 12 months ago.
London was the other area to see prices fall, although it remains the most expensive place to rent in England and Wales. The average rent in the capital stood at £1,277 in June, 1% lower than a year ago.
However there remains a significant disparity within the capital itself. Rents in the London Transport Zone 2 cost an average of £1,629 compared to £1,101 for those located in Zone 5 – a 48% increase. Rents in zones which fall under zone 3 and 4 were the lowest of all eight zones at £944.44 in June.