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TODAY'S OTHER NEWS

Rent prices increase across England and Wales

The average rent across England and Wales has increased by 1.8% in the last 12 months, hitting an average of £865 per calendar month (pcm) in December, according to the latest data from Your Move.

Rents in the South West outstripped all other regions in 2018, increasing by 4.1% to hit an average of £702pcm.

The West Midlands saw the strongest gains month-on-month, up 0.5%, taking the average rent up to £630pcm.  

The rental market in London unsurprisingly remains the most expensive place to rent, with rents remaining stable across December. However, prices here dropped year-on-year, with a price fall of 0.8% leaving the average rent at £1,263pcm.

The South East of England, where rents rose 1.2% year-on-year, to reach £897pcm, is the second most expensive region, followed by the East of England where the average rent is now £881pcm.

Some landlords saw their returns squeezed during 2018, and yet Your Move found that each of the ten regions in the survey recorded the same average yields in December as they did in the previous month.

Across England and Wales the average also remained the same, at 4.3%.

The North West, West Midlands, Wales and the East of England all ended the year with smaller yields than they did a year previously. But the East Midlands bucked this trend with the average returns rising from 4% to 4.2% year-on-year.

 The two most northerly regions continued to offer the best percentage returns for landlords. In the North East the average yield was 5% while in the North West it was 4.8%.

Martyn Alderton, national lettings director at Your Move, commented: “While the rental market tends to wind down as we reach the end of the year, there were still some positive advancements this year, with prices rising in all but two regions.

“While landlords in most areas saw their yields squeezed in 2018, there was good news as returns held firm between November and December.

“Tenant arrears have spiked compared to November, but this often occurs at this time of year.”

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    Well done George Osbourne section 24 is working!!

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    and their going to INCREASE a whole lot more by the time the Government's policies take effect, and there's no sign of letting up.
    Rents will rise because of Sec 24, Licensing, 177,000 less rooms taken out by Minimum Room sizes, cost of Electrical certificates etc etc.
    EVERY Govt intervention and policy has increased costs for business, and guess what that means for Consumers. Try telling Tesco to keep the price of its groceries the same and take 'hit from profit levels' when their transport cots, etc increase. - They'll laugh at you, Which is what Tenants should be seeing through the governments vote -catching policies.

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    I don't know what world you operate in, but in my world it is almost impossible
    to pass on these extra charges to tenants.
    The market in any given area determines the price what people are prepared to pay.
    In our area it is totally geared to affordability and the average rental prices being bounded about on here bear no relation what we are able to achieve.
    I am just glad that I own all my properties outright, otherwise, I would be in a whole lot of trouble.

     
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