September 2016 - Student check-ins drive up rents in England and Wales
Driven by student check-ins, August rents in England and Wales top previous rents with average now standing at £887.
London rents reach all-time high of £1,391.
Rents in the SE continue to rise at a faster pace than London and now stand at £975.
UK’s decision to leave the EU has minimal impact on rents.
Adrian Gill, Director of lettings agents Your Move comments:
"The rental market appears to have left any uncertainty about the market behind with prices across England and Wales again reaching record highs."
"London continues to be home to the highest rents but other areas such as the North East and South East are witnessing even stronger levels of growth over the year – demonstrating the seasonal impact of the student market."
"Yields have picked up following a gentle decline in recent months, something which landlords will no doubt watch with interest over the next couple of months."
The pre-referendum slowdown in the market has all but ended with rents in England and Wales reaching record highs. Rental properties now command an average of £887 per month, the highest figure ever recorded by Your Move. There is a certain seasonal influence underlying this growth, caused by an increase in the student sector during the summer months. This is particularly noticeable in London, the South East and the North East.
Rents in August 2016 rose by 8.7% compared to August 2015, the Your Move England & Wales Buy to Let Index found. This is in stark contrast to June, the month of the referendum, when the average rent shrank by 2.4%.
London and the South East are driving the 8.7% growth, although it is still, on average 30% cheaper to rent in the SE than in London.