Rents stable despite election

Ryan Fowler

June 30, 2017

Average rent across England and Wales stood at £814 in May with yields stable 4.4%, according to the Your Move England & Wales Buy to Let Index.

The build up to a general election and the political uncertainty that brings have had no appreciable impact on the rental market but London rents are still 5% lower than in May 2016.

Seven of the 10 regions covered by this survey saw rents rise between the election announcement in April and May. Rents in London also grew month-on-month, the first time this has happened in six months.

House price growth fell by 0.2% in August

Valerie Bannister, lettings director at Your Move, said: “Strong and stable was the catchphrase of the election and this was demonstrated in real terms by the rental sector.

“The majority of England and Wales saw rents increase between Theresa May’s election announcement in April and this survey being conducted in May.

“Even London, which had seen prices fall in recent months, has returned to growth. Prices in the capital grew on a monthly basis for the first time since November 2016.

“While landlords have seen yields squeezed in recent times, there are signs this could be stabilising. Returns this month were 4.4%, the same as in April.”

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