average rents
-
Housing Market
Rents rising at quickest pace since 2011
Rents across England and Wales increased by 3.4 per cent in December taking the average to £794 a month, according to latest buy-to-let index from Your Move and Reeds Rains. On an annual basis, rents increased in eight out of 10 regions led by the East of England with a rise of 7.8 per cent, London was up 6.3 per cent, and the East Midlands up 4.7 per cent. Rents dropped by 1 per cent in Wales and by 2.6 per cent in the South East. The figures also reveal that Yorkshire & Humber and West Midlands both saw rents reach a record high in December. The rent increases recorded in 2015 came about despite a month-on-month fall in the latest market rents, dropping 0.6 per cent between November and December. Average rents are now £22 per month below September’s all-time record high of £816pcm, reflecting a softening in tenant demand in the run-up to Christmas. A breakdown of the data reveals that six out of 10 regions monitored saw rents decline on a monthly basis, led by London, with rents down 1.6 per cent. By contrast, Wales saw a 1.8 per cent increase in rents. They also rose by…
Read More » -
Housing Market
Rents cool off as tenant demand softens
Rents across England and Wales fell by an average of 0.9 per cent in November taking the average to £799 a month, according to latest buy-to-let index from Your Move and Reeds Rains. Average rents are now £17 per month below September’s all-time record high of £816pcm, reflecting a slight drop in demand from tenants seeking rental accommodation. A breakdown of the data reveals that six out of 10 regions monitored saw rents decline on a monthly basis, led by southern regions. The South East saw rents drop by 3 per cent month-on-month and they were down 2 per cent in the South West and 1.2 per cent in London. By contrast, Wales witnessed a 2.9 per cent rise in rents. They also rose by 1 per cent in the East Midlands, the West Midlands saw a 0.4 per cent increase and Yorkshire and the Humber a 0.2 per cent hike. But despite the recent fall, on average, rents have increased significantly over the past 12 months, up 4 per cent compared to November 2014, led by gains in London where rents are up 8.9 per cent year-on-year. Rents in East of England rose by 8.4 per cent. They are…
Read More » -
Latest property news
Average rents in England and Wales reach record high
Average residential rents in England and Wales rose above £800 for the first time in July following the fastest monthly increase since records began six years ago. The figures from the latest buy-to-let index from Your Move and Reeds Rains reveal that rents increased by an average of 1.9 per cent across England and Wales to £804 per calendar month in July, up from £789 the previous month and a rise of 6.8 per cent year-on-year. Rental price increases in July were led by London, where rents rose by an average of 12.1 per cent year-on-year, followed by the East of England, up 12 per cent to stand at £838pcm. A breakdown of the figures reveal that all 10 regions saw rents increase on an annual basis last month, with London, Yorkshire and the Humber (£582 on average), and the East (£584) and West Midlands (£583) all seeing record rent peaks. Two regions saw rents decline on a monthly basis, with a 0.1 per cent month-on -month fall in Wales and the East of England. Higher rents are unsurprisingly being fuelled primarily by the widening supply-demand imbalance in the rental market, according to Adrian Gill (left), Director of Reeds Rains…
Read More »
