Mon, 17 Nov 14
Rental rates in Wales saw a higher rise than homes in London in October 2014, according to Move with Us.
Advertised rents jumped £37 (6.05%) in October to reach £696, a bigger rise 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 year-on-year.
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.”
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