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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.

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