Rents across England and Wales have barely moved in the last year.
The average rent last month was £820, edging down 1% from March last year.
However, the figure masks regional variations, with rents in London and the east of England falling, while they have risen in the south-west, west midlands, and Yorkshire & the Humber.
The strongest growth was in the south-west, at 3.6%.
Although rent prices fell by 1.3% in London over the year, tenants still pay by far the most, at an average of £1,260 per month.
Your Move, which released the figures this morning, said an increasing number of southern-based landlords are looking to invest in the north, where yields are better.
Lettings director Martyn Alderton said: “The growth of the urban rental market has created yield hotspots in northern cities like Manchester and Liverpool.
“Young professionals are also increasingly relocating to the north.
“The investment in infrastructure and culture, for example the relocation of the BBC and ITV to Manchester, has undoubtedly boosted the desirability of the city among this group.”
I suspect with the latest conservative blow of landlord bashing investors will be deserting residential lettings for a safer investment like looking abroad. S21 announcement will have an even greater negative impact than osbourne’s assault s24. Indeed s24 will have caused the increase use of s21 notices as highly geared investors are forced to sell.
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The North remembers.
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