You are here: Home - Mortgages - Buy To Let - News -

Biggest rent rise and falls in England and Wales revealed

0
Written by: Cherry Reynard and Lana Clements
24/01/2018
Rents in the East of England jumped by 3.3% annually in December, marking the fastest growth in the country, according to data.

London saw a 1.4% yearly fall in rents and offers the lowest yield for landlords, Your Move research showed.

The capital remains the most expensive area for tenants, with an average bill of £1,274 a month, but buy-to-let yields are at 3.2%. Rents fell fastest in the North East with a 1.7% annual drop to £534.

However, the region offers the best return for landlords with a 5% yield, followed by the North West at 4.9%. Overall the average rent in England and Wales hit £850 in December after an annual increase of 2.3%. The East of England is now the second-most expensive place to rent at a typical £893.

Renters at risk

At the same time, a survey by Scottish Widows has found UK renters are putting themselves at risk of homelessness by failing to have a financial safety net in place.

The survey showed that a third (38%) of private renters admit they wouldn’t be financially secure if their household lost its main income. Nearly four in 10 (39%) – amounting to 4.14 million people – said that if they fell seriously ill and were unable to pay their rent, they would have no idea where they would go, or they could be left homeless.

Only 4% of private renters have critical illness cover and only 22% have life insurance.

London exodus

The increase in prices in the East of England is a result of Londoners flocking from the capital for cheaper housing and the strong local economy with Cambridgeshire supporting many jobs in the region, according to Your Move.

Sue Maher, branch manager of Your Move in Peterborough, said: “We’re seeing a large shift in commuting patterns as tenants look to relocate away from London, to towns like Peterborough and Norwich, which are attracting a wide range of employers.

“The City Hospital in Peterborough, for example, attracts many doctors and nurses to the area and local business parks house the offices of Travelex, Thomas Cook, Mastercard and Amazon to name a few.

“As a result, these areas are predominately rented by young working professionals and families, rather than students or older residents.”

Elsewhere rent prices in the East Midlands lifted by 2.8% annually and by 2.7% in the North West.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Comments are closed.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
2352672-woman-shopping-on-smartphone
Millennial women will be worse off than their mothers and grandmothers

Today’s women will be worse off than the last two generations as a combination of lower paid and part-time work,...

Close