Yorkshire Photo: James Whitesmith
Tenants in both Yorkshire & Humber and Wales are paying over £1,000 a year more if they started renting in December compared to September 2014, according to new figures from Move with Us.
The average advertised rent in Yorkshire and Humber increased by £89 (15.75%) per month in Q4 2014, reaching £683 per month making the annual accumulation of increased rent £1,068 per year more. Similarly, the average advertised rent in Wales increased by £85 (13.82%) to £744 per month, marking a £1,020 annual rise. Despite these increases both regions remain two of the cheapest places to rent in the country.
Advertised rents dipped in both East Anglia and the South East in Q4 2014, though, despite their positions as the main commuter routes into the capital.
The figures are echoed by other indices, as data from HomeLet shows rents in Greater London fell in December 2014 from November, while the North East saw rates rise.
“In, locations such as Leicester and Cambridge, demand for rental property is outstripping supply,” comments Martin Totty, Barbon Insurance Group’s Chief Executive Officer, highlighting the increases reported in regional locations outside of London and the South East. “By contrast, Croydon and some parts of Essex are benefitting from a relative boom in new property building, easing the pressure on the local rental market and this is reflected by a drop in rental prices.”
Despite these dips, asking rents in Greater London and the South East are still among the most expensive in the UK, notes Move with Us. The reductions do, however, signal that asking rents in these areas settled in Q4 2014 following the period of growth seen in Q2 2014.
Simon King, Director of Move with Us, said: “Advertised rents in the South are stabilising after a period of growth and rises in asking rents have moved up North. Following in the South’s footsteps we anticipate increases for most northern regions in 2015 which will eventually stabilise at a new, higher rate.
”Greater London’s rate of growth has slowed, which we’re sure is welcome news for tenants in the capital. Further increases in asking rents are expected in the capital as the market will continue to grow but its likely they will be steady and more moderate.”