Asking rents in London increased by 1.74% in August, the first rise six months, and are driving up the national average being paid by tenants in the UK, new figures show.
The data also shows that over the last 12 months rents have increased in most regions and it means that overall the residential rental market is providing improving yields for landlords.
But there are considerable regional variations. For example, rents in the North East, North West, Wales and Yorkshire and Humber have reached their lowest point of 2013 and advertised rents in East Anglia have fallen for the first time this year.
The Move with Us data presents a picture of either stabilisation or minimal decline with drops in average rents of between 0.5% and 1% across most regions offset by a growth of over 1.74% in London pushing the average rental price across the country up 0.3% in August.
The increase of 1.74% in the capital is the first monthly increase since March of this year and brings the average asking rent to a figure more consistent with the first quarter of the year at £2,191. This follows a summer in which rents were down by an average of £50. However, overall London asking rents are still down on 2012 by 3.38%.
One of the most consistently strong performing regions outside of London is East Anglia which has seen average advertised rents fall for the first time this year. Rents in the region have dropped by 0.73%, which equates to a reduction of £6.29 per month but are still £20 up on where they were at the beginning of 2013.
In contrast, the South East remains the most expensive region to rent outside of the capital with rents at an average of £1,160 per calendar month. After increasing by close to £40 between April and June, rental increases have stabilised somewhat growing by just 0.31% in August and look likely to remain strong throughout the last quarter of the year.
The rental market in the North has performed differently to that of the South. The North East, North West, Wales and Yorkshire and Humber reached their lowest point of this calendar year.
'August was a good month for tenants, as most regions in Great Britain witnessed a fall in rents. The South East and London continue to perform strongly as the most expensive regions and have remained strong in a month where other regions have witnessed small declines in rent, most notably East Anglia which has been one of the best performing regions in 2013,' said Robin King, director of Move with Us.
'The strong performance of London and the South East throughout August was contrary to the performance of other regions but has been significant enough to push the average for the country up while many regions have actually witnessed a decline,' he added.
propertywire
The data also shows that over the last 12 months rents have increased in most regions and it means that overall the residential rental market is providing improving yields for landlords.
But there are considerable regional variations. For example, rents in the North East, North West, Wales and Yorkshire and Humber have reached their lowest point of 2013 and advertised rents in East Anglia have fallen for the first time this year.
The Move with Us data presents a picture of either stabilisation or minimal decline with drops in average rents of between 0.5% and 1% across most regions offset by a growth of over 1.74% in London pushing the average rental price across the country up 0.3% in August.
The increase of 1.74% in the capital is the first monthly increase since March of this year and brings the average asking rent to a figure more consistent with the first quarter of the year at £2,191. This follows a summer in which rents were down by an average of £50. However, overall London asking rents are still down on 2012 by 3.38%.
One of the most consistently strong performing regions outside of London is East Anglia which has seen average advertised rents fall for the first time this year. Rents in the region have dropped by 0.73%, which equates to a reduction of £6.29 per month but are still £20 up on where they were at the beginning of 2013.
In contrast, the South East remains the most expensive region to rent outside of the capital with rents at an average of £1,160 per calendar month. After increasing by close to £40 between April and June, rental increases have stabilised somewhat growing by just 0.31% in August and look likely to remain strong throughout the last quarter of the year.
The rental market in the North has performed differently to that of the South. The North East, North West, Wales and Yorkshire and Humber reached their lowest point of this calendar year.
'August was a good month for tenants, as most regions in Great Britain witnessed a fall in rents. The South East and London continue to perform strongly as the most expensive regions and have remained strong in a month where other regions have witnessed small declines in rent, most notably East Anglia which has been one of the best performing regions in 2013,' said Robin King, director of Move with Us.
'The strong performance of London and the South East throughout August was contrary to the performance of other regions but has been significant enough to push the average for the country up while many regions have actually witnessed a decline,' he added.
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