Residential rents rise in England and Wales

reAccording to the latest index from Your Move, Across England and Wales the average rent in April was £814, 1.3% higher than a month ago and 2.8% up year on year, But Wales is leading the way with annual growth, recording an average rent of $599 a month in May 2017, some 7.1% higher than a year ago. The rental market in London is showing signs of recovery with rents up 0.2% between April and May to an average of £1,276 but they are still 1.5% lower than in May 2016 when the typical property rent was £1,295 a month. Only one region saw rents fall faster than London year on year and that was the South West with a fall of 2.2% in the 12 months to May to £663.

Valerie Bannister, lettings director at Your Move: “The majority of England and Wales saw rents increase between Theresa May’s election announcement in April and this survey being conducted in May. Even London, which had seen rents fall in recent months, has returned to growth, Prices in the capital grew on a monthly basis for the first time since November 2016. While landlords have seen yields squeezed in recent times, there are signs this could be stabilizing. Returns this month were 4.4%, the same as in April.”

 

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