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September 2017 - Rents rise across much of England and Wales

East of England and North West boast strongest price growth

  • Rents in both the East of England and the North West rose faster than any other region during August, Your Move found.

  • Both areas have seen the average monthly rent increase by 3.2% in the last 12 months.

  • In the East of England the average property is now let for £876 while in the North West the average price is £631 per calendar month.

  • Close behind was the South East, where prices have grown by 3% year-on-year to stand at £882 per month.

  • Rising demand for rental properties and insufficient housing stock have once again forced rents upwards in most areas of England and Wales.

  • The South West was the only region to see a price fall in the last year. The average rent today is 2.7% lower than a year ago and stands at £667.

  • However, rents in the North East remain the lowest in this survey. The typical rental property costs £540 per month, lower than the rest of England and Wales.

  • On a monthly basis, no region saw significant growth. The best performance came from both the South West and Yorkshire and The Humber, in each region prices grew by 0.4% between July and August.

  • Three regions saw rents fall month-on-month, they are East of England (0.5% fall), Wales (0.5% fall) and the North East (0.1% fall).

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  • London continues to be the region with the highest average rent. In August the typical property let for £1,282 per calendar month, this follows a 1.5% price rise in the last year. However, this headline figure masks large differences across the capital.

  • The average property in London Travelcard Zone 2 is £1,952, significantly higher than areas further from the city centre. By comparison the average property in Zone 4 costs £1,176 month and in Zone 5 the monthly rent is £1,132.

  • New tenant registrations have risen by around a quarter in London in the last year. Your Move reported a drop off in activity in the wake of the Brexit vote last summer, but the market has now returned to its usual activity levels.

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