National rental market stable as Christmas lull approaches

Rents are rising very gently across almost all of England and Wales with only London and East Anglia showing falls in the latest Your Move lettings index.

The South West led the way in October with rents in the region rising 4.4 per cent in the past year - that’s faster than anywhere else and double the England and Wales average of 2.2 per cent.

The average rent across the two countries now stands at £861, showing little change from previous surveys. 

London remains the most expensive place to rent a property, with the average rent in the capital standing at £1,271. 

“The focus of the rental market has now well and truly shifted away from London. Prices in other regions are growing much faster and offering higher percentage returns for landlords” according to Martyn Alderton, national lettings director at Your Move.

“Investors in the North East and North West continued to enjoy higher percentage returns than other areas, with some areas looking at a 7.5 per cent yield. Properties by the North West coast prove to be very popular” he adds.

Prices in London are falling, with the average rent dropping by 0.9 per cent over the last year; in the East of England, too, they ticked down 0.4 per cent in the year to October, with the average property now let for £890 per calendar month. 

But the South East, containing many London commuter hotspots, rose 1.6 per cent to hit £895 in the year to October.