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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.

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  • 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.

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