According to Adrian Gill, the director of Your Move, the private rental market is still holding strong, and proving resilient to the ongoing pressures in the British economy.
Following the release of the latest Your Move index. Gill has stated that ‘Landlords are continuing to see strong yield levels and increasing rents, even if growth is slower that it was previously’. The index shows that rents have rose in England and Wales by 3.9% in the last 12 months to November 2016 taking the average rent to £830 a month.
London continues to be the most expensive place to rent a home with rents hitting a record-high of £1,295 per month, this is despite the rental market slowing within the London area.
On a regional basis rents, have increase in 9 out of 10 regions. This is led by a 13.6% annual rise in the south east, where rents now stand at an average of £875 per month.
Adrian Gill added that ‘tenants are now in a much better financial position than earlier in the year. Fewer are struggling with rent payments. This is good news for tenants and landlords alike’.