Average rent up £874 in July

Average rent up £874 in July

Average rents increased in most areas of England and Wales this month, with a fall in housing stock causing prices to rise, according to the latest Buy to Let Index from Your Move.

The Your Move England & Wales Buy to Let Index found nine of the ten regions surveyed saw increases in rents during the past year. The average rent across the two nations now stands at £874 following a 3.1% price increase in the last 12 months.

Every region barring the South West saw rents increase in the year to July, Your Move found, and despite rents increasing, most landlords saw their yield levels remain flat between June and July.


Rent rises could be, the report suggests, down to the introduction of a range of government policies directed at the lettings market. The effects of these policies, such as the 3% stamp duty levy and removal of mortgage relief for landlords, have restricted the supply of new lettings properties coming to market. 

Richard Waind, Director, Your Move, comments:

“We are now starting to see the real impact of the government’s Stamp Duty revision, plus the additional tax changes which have hit landlords hard.”

“The outcome has been a decline in the number of rental properties on the market and this has had the effect of pushing up prices for tenants.”

“Tenants in London face a different issue as rapidly rising travel costs are increasing the overall cost of living in the suburbs, despite rents generally being cheaper than central areas.”

"The Private Rental Sector, however, could still be seen as an attractive opportunity for investors, with the North East and North West in particular seeing strong growth. Although buy to let investors are preparing for the new PRA changes coming into effect in September, it’s clear that there are still people who believe that, property remains a viable investment option.”

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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