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November 2017 - East of England home to rental resurgence

Shift of focus away from capital continues

  • The focus of the rental market continues to shift away from London and the South East, as other areas have become the drivers of growth.

  • In the year to October 2017, the East of England saw rents rise faster than every other region in this survey.

  • Prices in the region - which contains many rural areas, commuter towns and major cities such as Cambridge and Norwich - increased by 6% in the last year. The average rent now stands at £887 per calendar month. 

  • Other areas posting strong price increases were the North West - where rents grew by 3.1% to reach £633 per month - and the East Midlands, which saw 3.2% year-on-year growth to reach an average of £648.

  • London was one of two areas to see prices fall year-on-year, the other being the North East. In both areas prices have fallen by 1% in the last 12 months.

  • The North East remains the cheapest place to rent a property, with the average house being let for £535, while the capital continues to be the most expensive at £1,276 in October. 

  • However, this figure masks significant price variations depending on what area of the capital the property is located. The average rental property in London Travelcard Zone 2 costs £1,965 a month compared to £1,083 in Zone 5.

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