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.