November 2016 - Rents in England and Wales hit second highest peak ever recorded by Your Move
Wales home to roaring rental growth
Wales was the location with the fastest growth in the last year as rents in the nation went up by 8%. A typical property was let for £547 in October 2015, a figure that has risen to £591 12 months on.
Other areas to boast strong growth include the East Midlands and the East of England. Both of these regions saw average rents increase by 6% in the last year.
In the East Midlands prices rose from £594 to £628 while rental properties in the East of England are now typically let for £856, up from £805 a year ago.
London remains home to the highest rents in this survey, although growth has slowed in recent months. The average property in the capital is let for £1,289. This figure is 1% higher than a year ago but remains below the levels recorded in the spring months of 2016.
At the other end of the scale, the North East of England was the only place to see rents fall compared to last year. Properties in this area were 1% lower this month than in October 2015. This region also remains the cheapest place to rent a property in England, with the average tenant paying £541 per calendar month.
The only other region surveyed which showed no growth in the last 12 months was the South West. Rents here are now £668, flat compared to a year ago.
There was more of a mixed picture when looking at rents on a monthly basis. Across England and Wales the average rent dropped 0.8%, from £907 down to £900.
In the South West, rents were down 2.5% compared to September 2016, the biggest fall in this survey.
The areas showing the fastest growth between September and October were Wales and London.
The average rental price in Wales grew 2% month-on-month while those in London were 1.4% higher.