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TODAY'S OTHER NEWS

The rental market is ‘strong and stable’ despite election uncertainty

Most parts of England and Wales saw rents rise in the run-up to the recent general election with yields stable at 4.4%, according to the Your Move England and Wales Buy to Let Index.

The average rent across England and Wales stood at £814, up 1.3% on the previous month and 2.8% higher than a year ago.

In total, seven of the 10 regions covered by this survey saw rents increase between the election announcement in April and May.

The average Welsh rental property was let for £599 in May 2017, 7.1% higher than the year before. The East of England was home to the next best growth, with prices rising 4.1% in the last 12 months to reach £872

The South East (+2.6%), North West (2.5%), East Midlands (2.2%) and the Yorkshire and the Humber (2%) were the other regions to post annual growth of 2% or more.

Rents even rose month-on-month in London to reach an average of £1,276 - the first time this has happened since November 2016. But despite the recent uptick rental values prices remain 1.5% less than in May 2016, following several months of declines.

Valerie Bannister, lettings director at Your Move, said: “Strong and stable was the catchphrase of the election and this was demonstrated in real terms by the rental sector.

“The majority of England and Wales saw rents increase between Theresa May’s election announcement in April and this survey being conducted in May.

“Even London, which had seen prices fall in recent months, has returned to growth. Prices in the capital grew on a monthly basis for the first time since November 2016.

“While landlords have seen yields squeezed in recent times, there are signs this could be stabilising. Returns this month were 4.4%, the same as in April.” 

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