27 Jan

Rents increase across England and Wales

Rents increase across England and Wales

The latest data index shows a three per cent rise in rent prices during 2014.

According to figures from Your Move and Reeds Rains, the average residential rent in England and Wales is now £767 per month - up from £745 recorded at the start of last year.

There was a 0.1 per cent drop in rental incomes during November 2014, but in general it was a positive 12 months for the sector, despite a change in the normal trends for the year.

Adrian Gill, director of estate agents Reeds Rains and Your Move, explained: "Recent months have shown a divergence from usual seasonal norms. Historically, there is a tendency for rents to ease in the winter, particularly December.

"With fewer tenants willing to relocate in the festive period, landlords usually compete to fill empty properties and agreed rents tend to dip as a result. Last month that happened and rents fell compared to November but by much less than the usual extent."

He added a rise in jobs across the east of England has also seen a rise in people choosing to relocate during the usually quieter winter period, therefore pushing up prices.

Eight out of ten regions of England and Wales have seen an overall rise in rent prices, with East England reporting a 7.6 per cent rise, followed by East Midlands with a 6.2 per cent annual increase. London, traditionally a very strong rental market, saw a 4.1 per cent increase over the 12-month period.

However, average rents in the North East dropped by 2.1 per cent over the year and South West rents fell by one per cent.

Landlords will be pleased to discover that tenant arrears at the end of 2014 stood at 7.5 per cent of total rent, compared to 8.1 per cent the year before.ADNFCR-1222-ID-801772090-ADNFCR

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