Welsh rents rising faster than the rest of the UK
The recent Your Move England & Wales Buy to Let index has revealed that rents across England and Wales rose in all but two regions in the year to February 2017.
Rents rose on average by 7.7% in Wales over the last year reaching £593 per month. The North East and Yorkshire and Humber were the only regions in the UK with cheaper rents than Wales at £545pcm and £566pcm respectively.
The East and South East of England also experienced rental growth with rents rising by 5.6% and 3.4%. Rental property in the East of England now rents for around £868 per month, while the average rent in the South East is £878pcm.
Valerie Bannister, letting director for Your Move, said: “Areas in the South East and East of England have traditionally offered much better value than the capital and this has tempted many Londoners to look further afield for rental properties”.
Despite London being home to the country’s most expensive properties it was the only region surveyed to experience a decline in rent on a monthly and yearly basis. The average rent for a property in the capital was £1,280pcm in February this year, 1% lower than the previous year.
“The dramatic rent increases in London have now slowed as people look outside the capital in order to meet their housing aspirations. Renters in London could be reaching the limits of their affordability as prices dropped back 1% in the last year. This will be one to watch as the year progresses,” Bannister added.
Across England and Wales the average rent fell from £811 recorded at the end of 2016, to £798 in February this year.
Your Move recorded that the average yield in England and Wales also fell from 4.9% in February 2016, to 4.1% in February 2017.
Areas with high house prices remain to experience the smallest yields, with London recording an average yield of just 3.2% last month.
However, properties in areas like the North East enjoyed the highest yields. The average return recorded was approximately 5.3% last month, marginally lower in comparison to the same period in 2016.
Full article available on LandlordTODAY: https://www.landlordtoday.co.uk/breaking-news/2017/3/wales-sees-rents-rise-faster-than-anywhere-else-in-the-uk