Wales overtakes London to top the tables for rental inflationDate Posted: 06 June 2017
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.
CREDIT - Property Industry Eye - MAY 31 2017 - MARC SHOFFMAN