The latest Your Move England & Wales Buy-to-let Index has reported that the general election result has had no immediate impact on retail prices.
All regions saw rents rise or remain level month-on-month in June, while average rent across England and Wales stood at £827.
The average rent across England and Wales increased by 1.6% between May and June and by 2.1% since June 2016.
In three of the 10 regions of England and Wales rents remained stable month-on-month with the remaining regions reporting rent increases. The biggest rises came in the North West and West Midlands where prices increased by 0.3% in June to reach an average of £629 and £609 respectively.
In the East Midlands, South East, and Yorkshire and The Humber regions rents all grew by 0.2% in the past month.
On a yearly basis Wales boasted faster rent growth than anywhere else. Prices increased by 7.2% in the last 12 months, although this area still remains one of the cheaper places to rent property. The average rent in June was £599, compared to £559 in June 2016. The next strongest growth was recorded in the East of England where the average property was let for £872, 3.6% more than a year ago.
Only two regions saw prices fall compared to last year. The South West saw the biggest decline in rents, with the average property costing £664 in June – 2.6% less than 12 months ago.
London was the other area to see prices fall, although it remains the most expensive place to rent in England and Wales. The average rent in the capital stood at £1,277 in June, 1% lower than a year ago.
However there remains a significant disparity within the capital itself. Rents in the London Transport Zone 2 cost an average of £1,629 compared to £1,101 for those located in Zone 5 – a 48% increase. Rents in zones which fall under zone 3 and 4 were the lowest of all eight zones at £944.44 in June.
Richard Waind, director of Your Move, said: “Compared to May, rental prices have held firm or continued to increase – suggesting that recent political turmoil has had little immediate impact on renters.
“The squeezing of yields in recent times may also be showing signs of ending as landlord returns remain relatively stable with the North East and North West, in particular, performing well.”
