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England and Wales: Rents Remain Flat Despite Above-Inflation Rises Beyond London
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Average rents remained flat across England and Wales in July, despite inflation-beating rises in some areas.
Your Move data reveals that average rents in England and Wales remained at £861 per month during July.
The South West had the fastest growing rents in England and Wales, up 3.7% to £686 per month on average.
This is more than the current inflation rate 2.5%.
Tenants in the East Midlands also saw rents increase about the cost of living at 2.9% annually to £656 a month.
Furthermore, the East of England was the third fastest developing region, with rents rising 19% to £890 a month during July.
London remained the area with the highest rents, but registered a 1.2% fall year-on-year to £1,271.
The North East was the cheapest area and witnessed the biggest decline, with rents falling by 1.3% to £535 a month. In Wales, pieces dropped by 0.9% in the year to July, with the average rent at £588.
National Lettings Director at Your Move, Martyn Alderton, commented: “One benefit of the slowdown in the London rental market has been that it now shines the spotlight on other areas of England and Wales.
“The South West of England has been the stand-out region in the last year, with rents rising consistently in areas of high demand.
“Prices in the East Midlands and East of England have also increased strongly, showing there is demand for rental properties outside of London and the South East.
“London continues to have the highest rents, but there are still good pockets of value around the capital, particularly in areas further from the city centre.”
