Average rents remain flat as regional fluctuation grows

Overall, average rents in England and Wales remain flat year-on-year, with rents in the South West growing the fastest at 3.7% and the North East dropping by 1.3%, according to the latest Your Move Rental Tracker.

Related topics:  Finance
Rozi Jones
30th August 2018
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"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."

Although rent growth across England and Wales has slowed, most regions did post an annual rent increase.

While the London market often garners the most newspaper headlines, other regions are now consistently outperforming the capital in terms of rental increases.

Alongside the South West, prices in the East Midlands rose by 2.9% year-on-year to reach an average of £656 while in the East of England the average rent grew to £890 - a 1.9% annual increase.

Three regions saw average rents fall across the year - London, Wales and the North East.

Martyn Alderton, national lettings director at Your Move, 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 standout 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.”

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