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October 2017 - The North West is home to fastest rising rents in the UK

Strongest rent growth away from London

  • Prices in London and the South East continued to rise at a slower rate than elsewhere, Your Move found.

  • On a yearly basis, rents increased in the North West by 3.6% to reach an average of £633. This made it the fastest growing area surveyed.

  • Close behind was the East Midlands where prices have grown to £646 per calendar month in September, a rise of 3.4% compared to last year.

  • The East of England rounded off the top three with prices having increased by 2.9% in the 12 months to September. The average rent in this region now costs £880 per month.

  • By contrast, prices in the South West have fallen by 2.2% and in the North East they have dropped by 0.3%. These were the only two regions to post a year-on-year fall.

  • As of September, the average price in the South West was £669 while in the North East it was £536, the cheapest region in the survey.

  • London rents are the highest in the country, with an average of £1,280 recorded during September. However, this headline figure continues to mask vast differences across the capital.

  • The average property in London Travelcard Zone 2, the area closest to the city centre, costs £1,998 a month on average. Yet by moving further out into Zone 3, the average rent drops substantially - to £1,298.

  • The most affordable rents are on the boundary of Zone 4 and 5, where the price per calendar month is £1,084.

  • Across all areas of London, the average price has fallen by 0.1% month-on-month. Yet, it was not the only region to see such a fall since last month. The North East (down 0.7%), Wales (-0.5%) and the South East (-0.3%) were the other regions to do so, and at a faster rate than the capital.

  • At the other end of the scale, prices in the East Midlands grew faster than anywhere else between August and September. This region, encompassing major cities such as Derby, Leicester and Nottingham, saw prices nudge up 0.6% month-on-month.

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