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May 2017 - Stable rental market, with growth moving away from the capital

Rental market growth moves away from London

  • Rents in London fell for the fifth successive month with growth in the rental market now being seen in those regions away from the capital, Your Move found.

  • The average property in London was let for £1,273 in April 2017, 0.3% lower than last month and 1.8% down on the same point a year ago. Rents in the capital have been trending downwards since November 2016, when an average of £1,295 was recorded.

  • Wales was home to the biggest rent rises in this survey, with prices increasing by 8.5% in the last year. The typical Welsh rental property is now let for £602 per calendar month. The next best growth was seen in the East of England where prices grew 6.1% year-on-year to stand at £876 per month.

  • Other areas to boast strong performances in the last year were the South East, where rents grew by 2.7% to reach £881 a month. The East Midlands – where prices increased by 2.5% year-on-year – and the North West – which saw 2.1% growth – were the other top performers on a yearly basis.

  • Apart from London, only two regions saw the average rent decrease in April – the South West and the North East. In the South East prices dropped 2.7% compared to last year while in the North East rents ticked down 0.1%.

  • The North East remains the cheapest place to rent a property in England and Wales with the average property let for £545.

  • Across England and Wales the average rent in April was £804, 1.3% higher than a month ago.

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