MenuSearch

Buy to Let index

June 2017 - Seven UK regions see rents rise on annual basis

10 regions see year on year increases

  • However, seven of the 10 regions surveyed posted rent increases in the last year - with Wales leading the way.

  • The average Welsh rental property was let for £599 in May 2017, 7.1% higher than the year before. The East of England was home to the next best growth, with prices rising 4.1% in the last 12 months to reach £872.

  • The South East (2.6%), North West (2.5%), East Midlands (2.2%) and the Yorkshire and the Humber (2%) were the other regions to post annual growth of 2% or more.

  • This was the last full month before the UK general election but it appears political turbulence had little direct impact on rental prices. On a monthly basis seven regions saw rents rise or hold steady.

  • Only Wales (-0.5%), the East of England (-0.4%) and the North East (-0.1%) saw rental prices drop between April and May.

  • This means the North East remains the cheapest place to rent a property in England and Wales at £544 per month.

  • Across England and Wales the average rent in April was £814, 1.3% higher than a month ago and 2.8% up year-on-year.

undefined

undefined

Rents in London start to rise again

  • The average rent in London increased month-on-month for the first time since November 2016, Your Move found.

  • Rents in the capital nudged up 0.2% between April and May to reach an average of £1,276. However, rents are still 1.5% lower than in May 2016, when the typical property cost £1,295 a month.

  • Only one region saw rents fall faster than London year-on-year - the South West. The average price here fell by 2.2% in the 12 months to May and now stands at £663.

  • The average rent in London Zone 2 reached £1,618, almost £300 more than the average rent in Zone 3 (£1,361). The lowest rents in London were at £1,064 in boroughs that share the Zone 3 and 4 boundary, with further reaching Zones such as 6 reaching £1,253 in May.

For further information contact: