East Anglia joins SE as top rental spot
Nationwide, the average advertised rent rose by a marginal 0.01% in July to £967 which when compared to rents of 12 months previous which saw an increase of 0.32% – rents appeared to have levelled out.
London advertised rents, which enjoyed a recovery in April and May, have been offset by a second successive month of decline with rents in July down by 0.41%.
Robin King, director of Move with Us, said: “Overall average advertised rents in the UK are stable with moderate growth which has been the trend of late.
“Whilst rents in London are down compared to this time last year they continue to isolate many tenants who are choosing to live outside of the city.”
King said this is the reason the prominent commuter regions of East Anglia and the South East have increased again in July as tenants look to access the capital’s work and social opportunities without the cost of a London property.
He added: “With asking rents in these regions rising every month in 2013 buy-to-let investors should keep a close eye on these areas as they could be potential yield hotspots.”
Whilst advertised rents across all of the northern regions remained up on those of a year ago monthly figures are down and in the case of Yorkshire & Humber the average rent has fallen by1.21% to below the £600 mark for the first time this year.
Elsewhere in the UK, the South West advertised rent grew by 0.09% in the month to £789, Wales rose 0.92% to £642, Scotland fell 0.06% to £678 and Greater London declined by 0.41% but still remained highest at £2153.
Advertised rents in the West Midlands grew by 0.77% to £661, the East Midlands fell by 0.31% to £620, the North West saw a slight increase at 0.08% and the South East rose by 0.81% to £1,156.