London rents rise first time in six months

Sam Cordon

September 13, 2013

Nationwide advertised rents saw either a stabilisation or a minimal decline with drops in average rents of between 0.5% and1% across most regions.

Robin King, director of Move with Us, said: “August was a good month for tenants as most regions in Great Britain witnessed a fall in rents.

“The South East and London continue to perform strongly as the most expensive regions and have remained strong in a month where other regions have witnessed small declines in rent most notably East Anglia which has been one of the best performing regions in 2013.”

The increase in the capital brings the average asking rent to a figure more consistent with the first quarter of the year at £2,191.

This follows a summer in which rents were down by an average of £50. Overall London asking rents are still down on 2012 by 3.38%.

East Anglia, despite seeing average advertised rents fall for the first time this year by 0.73% equating to a reduction of £6.29 per month, is still £20 up on where it was at the beginning of 2013.

The rental market in the North has performed differently to that of the South. The North East, North West, Wales and Yorkshire and Humber reached their lowest point of this calendar year.

The North East fell by 0.98% in August, 0.04% annually to an average of £653 per month while Wales suffered the biggest drop of 1.47% although compared to August last year this was still 1.53% higher.

The average advertised rent in Wales now stands at £633.

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