Rental growth in Wales and the east of England has overtaken London, the latest Your Move Buy to Let Index has revealed.
The data shows Wales was home to the biggest rent rises in the 12 months to April, increasing 8.5% to £602 per calendar month.
The next best growth was seen in the East of England where prices grew 6.1% year-on-year to stand at £876 per month.
In comparison, rents in London fell for the fifth successive month to £1,273 in April, 0.3% lower than March and 1.8% down on the same point a year ago.
The North-East remained the cheapest place to rent a property in England and Wales with the average property let for £545, while the overall average was £804, 1.3% higher than March.
Valerie Bannister, lettings director for Your Move, said: “Recent years have been characterised by rapidly rising rents in London, with the capital steaming ahead of the rest of the country.
“That’s no longer the case as prices in London are trending downwards while the rest of the country slowly catches up.
“Yet falling rents in London should be seen in a wider economic context, with uncertainty caused by the snap General Election and the upcoming Brexit negotiations forcing the capital’s property market to take a pause for breath.”
Meanwhile, the Scottish index showed typical rents increased 1.7% since March and 6% annually to £574 a month.
Perhaps the Welsh model is having an impact on rents.
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Who is this Welsh model and how is she having such a positive impact on the rental market? 😉
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Lesley Griffiths! She put a burden on landlords and agents who upped the rent to cover the costs. Suprise, suprise.
Anyone got the data for HMO increasing rents for England & Wales? My experience is they went up to cover the beurocratic and over inflated charges by councils.
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Simple economics really, charging landlords and agents to register and licence means their costs increase, as a result they seek to recover those additional costs through increased pricing I.e rents! Not rocket science really is it?
Tenants in England wound up by the baying mob from shelter – be careful what you wish for, Scotland and now Wales have shown you the future; short term gains equal long term additional costs!
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