Growth up north as rents in Wales increase more than Greater London

21 November 2014

Data from the latest Move with Us Rental Index has revealed Wales saw the biggest rise in advertised rents in October of £37 (6.05%) to reach £696.

This is more than Greater London’s increase of £14. Rents rose by £15 in Wales in the final week of the month alone. Rents were 7.35% higher in a yearly comparison.

The majority of the regions saw moderate growth in October. Those that struggled in the second half of the year, including Yorkshire and Humber and the North West bounced back with improvements of £6 and £10. More significantly, however, there was a stifling of some southern rental markets with a drop in the South East of £14 and East Anglia flat-lining suggesting asking rents in these regions have peaked, for now.

The rate of growth in the capital slowed, however, despite more subdued growth, advertised rents in the region are now £2,466. This is twice as much as the South East, the second most expensive region in the country. Renting a property in Greater London 12 months ago would have been £214 (9.7%) per month cheaper.

Average advertised rents in Britain have continued to rise throughout October, finishing the month at £1,040. Whilst growth began to slow compared to recent months, the average asking rent was still £65 (6.83%) up in an annual comparison. National rents look set to continue to grow throughout 2015.

Robin King, Director of Move with Us commented: “There is typically a pattern of growth when the economy is improving. Growth starts in the South and moves gradually northwards. As it does so, growth in the South calms down as it balances to find a new, higher level.” 

“This may be what the country is experiencing as growth has moved northwards. The average advertised rent in Wales increased over twice as much as Greater London in October. Furthermore, a rise of around £13 in the East Midlands is equal to that of the capital. In the South, growth has slowed with asking rents dipping in the South East and flat-lining in East Anglia, as they find their new equilibrium.” 

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