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Average house rental prices 'reached all-time high in July'


09-11-2016

 

Rent in England and Wales was 846, despite EU vote

Average house rental prices 'reached all-time high in July'

The average cost of renting a home in England and Wales rose to 846 a month in July, according to estate agents Your Move an all-time record high.

The figure marks an increase of 5.2 per cent on the same month last year. The biggest regional rise is in south-east England, where rents were up 15 per cent, reaching an average of 924 per month.

According to The Guardian, the increase in the south-east was driven by people moving out of London to escape the capital's high rents.

The news is a surprise because a rush on landlords snapping up buy-to-let properties before the introduction of new stamp duty rates in April was expected to lead to lower prices. 

Your Move also asked landlords about the Brexit vote. It says 72 per cent said they were equally likely, or more likely, to buy more properties for rental after the UK leaves the European Union.

Adrian Gill, of Your Move, said: "The UK's vote to leave the EU has not caused any immediate change in the rental market, although we must wait for longer term trends to develop. 

"For landlords, market sentiment remains positive with the vast majority still looking to add to their portfolio of properties, despite the Brexit vote."

In London, rents fell by 0.7 per cent in the year up to July, says Your Move, though they were still the highest in the country at 1,225 per month. In September of last year, London rents peaked at 1,301 a month.

Estate agency Knight Frank has also released new figures today, showing that rents were down 4.1 per cent year-on-year in July in the capital's most upmarket neighbourhoods.

It says prime central London locations now have 40 per cent more rental properties to offer, while the number of people looking to rent has risen by 7.2 per cent.

The estate agent said supply had grown in central London because property owners were renting instead of selling, due to uncertainty over house prices caused in part by the EU referendum.

www.theweek.co.uk

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