Average rents rise as tenants return to the market

by Gary Whittaker

Average monthly rents across England and Wales climbed to £904 during August, according to new figures.

Data from Your Move's latest House Price Index shows rents increased from £874, partly due to increased demand for rental properties from tenants.

The biggest rise compared to the same period in 2016 came in the east of England and the north-west, where rents climbed 3.2 per cent to £876 and £631 per month respectively.

The south-east was not far behind with a three per cent rise to £882, while London continues to record the highest average rent - £1,282 per month - and the north-east the lowest at £540 a month.

Average rents declined in the south-west - the only region to record a fall - dipping 2.7 per cent on 2016 values to £667.

Director of Your Move Richard Waind said there has been a rise in tenants coming to the market, especially in London, after "a drop off in new tenant enquiries after the Brexit vote last year and a resulting decrease in EU migration figures".

"Figures are returning to the levels that we would expect around this time of year, with August and September being the busiest months for lettings as students, graduates and families working in the education sector look for new properties," he added.

The increase could also be linked to a rise in the cost of buying a home. Figures from Lloyds Bank show the costs associated with purchasing a property have jumped by six per cent over the past year.

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28-September-17General Lettings News