September 2017 - Rents rise across much of England and Wales
Average rent across England and Wales is £904 this month.
Nine out of ten regions saw prices increase year-on-year.
Many areas see demand outstrip supply as tenant numbers rise.
Improvement in tenant finances.
Richard Waind, Director, Your Move, comments:
“The strongest price growth continues to take place outside of London and the South East, with the East of England and the North West among the regions to grow faster in the last year.”
“However, despite rising rents, the yields achieved by landlords continue to be squeezed.”
“Following a drop off in new tenant enquiries after the Brexit vote last year and a resulting decrease in EU migration figures, we have started to see a resurgence in tenants coming to the market in recent months, particularly in London Figures are returning to the levels that we would expect around this time of year, with August and September being the busiest months for lettings as students, graduates and families working in the education sector look for new properties.”
“This recovery in tenant enquiries, combined with continued subdued supply of new listings in the wake of recent tax changes affecting landlords, has been a key reason for price increases in the last year and could push rents up further in the coming months”
A rising numbers of tenants and the ongoing demand for more properties to rent means the average rent paid has continued to increase across most of England and Wales.
On a non-seasonally adjusted basis, the average rent charged to tenants was £904 in August, the Your Move England & Wales Buy to Let Index found.
On a seasonally adjusted basis, the average rent was £841 this month.