Your Move’s latest England & Wales Buy to Let Index has found that rental prices in the East of England rose faster than anywhere else in the year to October.
Prices in most areas of England and Wales grew in the last 12 months, although it was the East that saw the biggest increases.
On a non-seasonally adjusted basis, the average rent was £924 per calendar month across all of England and Wales. When looking on a seasonally adjusted basis, average rent was £845 this month and 2.4% higher than the same point a year ago.
Your Move said the focus of the rental market continues to shift away from London and the South East, as other areas have become the drivers of growth.
In the year to October 2017, the East of England saw rents rise faster than every other region in this survey. Prices in the region – which contains many rural areas, commuter towns and major cities such as Cambridge and Norwich – increased by 6% in the last year. The average rent now stands at £887 per calendar month.
Other areas posting strong price increases were the North West – where rents grew by 3.1% to reach £633 per month – and the East Midlands, which saw 3.2% year-on-year growth to reach an average of £648.
London was one of two areas to see prices fall year-on-year, the other being the North East. In both areas prices have fallen by 1% in the last 12 months.
The North East remains the cheapest place to rent a property, with the average house being let for £535, while the capital continues to be the most expensive at £1,276 in October. However, the report said this figure masks significant price variations depending on what area of the capital the property is located. The average rental property in London Travelcard Zone 2 costs £1,965 a month compared to £1,083 in Zone 5.
Martyn Alderton, national lettings director at Your Move and Reeds Rains, said: “As we approach winter, the heat has been taken out of the rental market and price growth has slowed.
“While prices in most areas have continued to rise, it has been at a slower pace than we had been used to in recent years.
“Across England and Wales, rents have grown by 2.4% in the last year although some areas, such as the East of England, have performed above that level.”
