10 Aug

East of England sees strong rent rises

East of England sees strong rent rises

Residential rents in the East of England are performing well, according to new figures.

Rents in the region increased by almost four times the national for the UK. It is thought strong demand for low rent properties from long-distance commuters lead to an annual growth of 2.35 per cent - compared to the national average rise of 0.64 per cent.

An index report from Landbay revealed the 12 months to July have been a popular time for the East of England, with many towns and cities seeing increased rents.

The cost of renting properties in Luton, Peterborough, Thurrock, and Bedfordshire have increased by more than three per cent - although they still cost less than half the average monthly rent in London.

The outlook for the capital city has been less clear with a decline of 1.05 per cent over the year and suggests many workers are opting to look elsewhere for their rental home. Therefore, many less affordable areas in London and the South East have seen slower rental growth in 2017 so far.

“With rising inflation and rock bottom interest rates it is little surprise to see demand in the more affordable Home Counties rising faster than pricier parts of London and the South East,” said John Goodall, chief executive officer of Landbay.

“Naturally these surrounding areas are starting to experience a surge in rental prices, creating a ripple effect out from the capital. There are of course a number of factors at play, but as yields tighten in the capital landlords may well be branching out to the East of England in a bid to meet this demand,” he added.ADNFCR-1222-ID-801838927-ADNFCR

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