New study reveals increase in rent across England and Wales

Recent research by Your Move has revealed that the average rent across England and Wales has jumped by 0.22% a month, to £874. This is an increase of 3.1% in comparison to last year.

The latest buy-to-let index by Your Move indicates that the surge in rent is due to the shortage of rental properties, with 90% of regions experiencing a rent increase over the last 12 months. The only region to see the cost of rent come down was the South West, where the average rent fell to £667 a month in the year to July, representing a fall of 2.2%. The strongest increase in rent was in Wales, where it has risen by 4.3% in the last year to £595 a month.

Growth exceeding 3% was experienced in three other areas: the North West, East of England and the South East. In London, although the average rent has increased to £1,283, this is largely dependent on the location of the property within the capital. The rent increases for properties located closer to the centre of London, but as travel costs have soared, the benefits of living on the outskirts have been reduced.

According to the report, the rent increases are due to a number of policies aimed at the rental sector, including the extra stamp duty payable on rental properties. As rent increases and interest rates remain low for now, buying a home may be the cheaper option in some cases. Mortgage advisors dedicate time to gaining knowledge on CeMAP courses, so they are able to offer advice in this situation.


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