4 Jul

Average rents rise in England and Wales

Average rents rise in England and Wales

Average rent prices have gone up again in England and Wales, according to new research carried out by estate and letting agent Your Move.

The study showed that the average rent across the two nations of the UK was £814 a month, 1.3 per cent higher than last month and 2.8 per cent up year-on-year.

Wales recorded the highest growth rates of 7.1 per cent, meaning that the average cost of a rental property there is now £599 a month.

Increases were also recorded in the East of England (4.1 per cent), the South East (2.6 per cent), the North West (2.5 per cent), the East Midlands (2.2 per cent) and Yorkshire and the Humber (two per cent).

Meanwhile, rents in London were up 0.2 per cent in the month to May, reaching an average of £1,276 a month. It is the first time rent has gone up there since November 2016.

The news suggests anyone looking for good prices on homes might want to consider property to rent in the North East of England, as it is the cheapest area at a cost of just £544 per month.

Valerie Bannister, lettings director at Your Move, commented: "While landlords have seen yields squeezed in recent times, there are signs this could be stabilising."

It comes after Home.co.uk found the last six years have seen a steady decrease in the availability of rental homes, with a national fall of 11.6 per cent.ADNFCR-1222-ID-801837538-ADNFCR

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