East of England has fastest rising rents

Rental growth continues to shift away from London and the south of England, with the east of the country now recording the biggest increases, Your Move says.

Data from the estate agent shows that the east of England had the fastest rising rents in October, up 6% to £887, compared with a 2.4% boost across England and Wales to an average of £845 per month.

Rents in the north-west grew 3.1% to reach £633 per month and the east midlands saw 3.2% year-on-year growth to reach an average of £648.

In contrast, London joined the north-east as the only regions where rents fell during the month.

Rents in the capital were down 1%, but it is still the most expensive area to rent at £1,276 a month.

The north-east was also down by 1% and was the cheapest place to rent at £535 per month.

Martyn Alderton, national lettings director at Your Move and Reeds Rains, said: “As we approach winter, the heat has been taken out of the rental market and price growth has slowed.

“While prices in most areas have continued to rise, it has been at a slower pace than we had been used to in recent years.”

Source: property industry eye