March 2017 - East and South East rents rise as demand outside London rockets
London and the South West only two regions to see rents fall year-on-year.
Average rent in England and Wales was £798 in February.
Wales sees rents rise faster than anywhere else in UK.
Strong rent growth outside of London.
Valerie Bannister, Lettings Director, Your Move, comments:
“The dramatic rent increases in London have now slowed as people look outside the capital in order to meet their housing aspirations.”
“Areas in the South East and East of England have traditionally offered much better value than the capital and this has tempted many Londoners to look further afield for rental properties.”
“Renters in London could be reaching the limits of their affordability as prices dropped back 1% in the last year. This will be one to watch as the year progresses.”
“Away from the capital, Wales saw the strongest outright performance. Rents across Wales increased by 7.7% in the last year, more than anywhere else in the UK”
The heat continues to dissipate from the London rental market, with areas around the capital now seeing large rent rises instead of the city itself.
The South East and the East of England regions were among the fastest growing areas in the last 12 months, the Your Move England & Wales Buy to Let Index found. While London is still home to the highest rents, it was one of only two areas to see prices fall in the year to February 2017.