The rental sector in England and Wales has recently been confirmed as having seen an average price rise of a single percent during the past year up to January of 2017. Across both countries, there was just one area which saw a decrease in price growth, which was the South West of England. Every other region saw the increase by an overall average of 1%.
The information comes from the latest buy to let index published by UK estate agency Your Move. The growth is somewhat surprising as rent prices had actually decreased a little overall from December of 2016, though obviously not enough to reduce the 1% growth any lower.
East of England See Fastest Rate Rise
The data compiled by Your Move reveals that the average rent being paid in the most recent month of January was £798, with the eastern regions of England seeing the fastest growing rental rates. The highest rates still belong to the capital, London, which is to be expected.
The rate rise in the east of England increased by a huge 6.9% during the twelve months leading up to January of this year, with the average amount being paid currently hovering at £72 over the national average. Unsurprisingly, the same region has experienced the fastest month on month rate rise, with an increase of 0.7% between December of 2016 and January of 2017. It is suggested by Your Move’s index that the superior increases in these regions is due to London residents heading beyond the capital in order to find more affordable accommodation.
Other Regions See Slow but Strong Growth
Wales on its own saw rent prices increase by 6.5% over the past twelve months. The average rent being paid by tenants in Welsh properties currently stands at £586, significantly below the overall average when England is factored in.
There are also some English regions seeing slow but strong growth, with the East Midlands experiencing a rise of 4.5% over the last year, with the average rent being paid there now topping £634, considerably below the national average.
Rents Fall in the South West
The South Western regions such as Devon and Cornwall were the only ones registered in the index to have seen a decrease in rent prices over the last year. The average rent in the South West currently stands at £661, which indicates a drop of 1.6% in the twelve months leading up to January of 2017. There was some good news for landlords in the South West though as there was a slight increase in rent prices month on month from December of 2016 to January this year.
