Asking residential property rents in the North East and Wales outperformed the rest of the country in November by 10.35% and 7.43% respectively when compared to the previous month.
The latest figures from real estate firm Moves with US shows that overall average advertised rents were up £10 across England and Wales in November, equivalent to a 1.08% increase. When viewed against the same period in 2012, the picture is equally as positive with rents up by £15 or 1.58%. At the end of the month, the average cost of renting a property in the country was £985 per month.
In London rents were up for the first time this year. November saw increases of £21 per month from October 2013 and £37 per month when compared to November 2012. Significantly, November was the first month this year where average advertised rents outperformed those reported 12 months previously.
But the firm said that rather than an indication of significant growth in London rents, this is more likely to be a reflection of the fact that the market has reached more of an equilibrium following the peak of the Olympic summer of 2012.
The report also shows that the sustained growth witnessed in the South East and in East Anglia during the first six months of the year has stabilised over the last quarter and continues to fluctuate marginally. Both regions are in excess of 3% up on the average rents of November 2012 meaning that despite the minimal decline as the year draws to a close, 2013 has seen these regions prosper in the wake of a slightly weakened market in London.
‘In an improving marketplace, the stronger regions such as Greater London, South East and East Anglia tend to improve first and when their rate of growth slows, the slightly less buoyant markets start to improve and close the gap,’ said Robin King, Move with Us director.
‘This month has been no exception to the rule. As Greater London’s growth rate has slowed, Wales and the North East are performing strongly, levelling the playing field. It’s the final piece of the puzzle in the improvement of the overall UK rental market,’ he added.