Tue 03 Jan 2017
The private rental market is still holding strong, despite ongoing pressures elsewhere in the British economy, according to Adrian Gill, director of Your Move.
He said: “Landlords are continuing to see strong yield levels and rents are increasing, even if growth is slower than it was previously.”
His comments follow the release of the latest Your Move index which shows that rents rose in England and Wales by 3.9% in the 12 months to November 2016 taking the average rent to £830 a month.
Although the rental market is slowing in London, the capital remained the most expensive place to rent a home with rents hitting a record-high of £1,295 per month, the figures show.
On a regional basis rents increased in nine out of 10 regions, led by a 13.6% annual rise in the South East, where rents now stand at an average of £875 per month.
The South West was the only region to record a decline in rents, albeit marginal, to an average of £656.
Gill added: “Tenants are now in a much better financial position than earlier in the year. Fewer are struggling with rent payments and this is great news for tenants and landlords alike.
“There is now a great deal of stability in the rental market and this means there is a solid platform for growth in future months.”
Source: Landlord Today