Rental records set in South East

The Index shows the rental market stabilised in April following successive periods of growth across the country. The average advertised rent in Britain stood at £994 per month at the end of April.

This is not necessarily an indication of a weakening market but more likely a tempering of the growing rents of the last 12 months, according to Move with Us.

Scotland, the South East and the West Midlands were the only three regions that experienced an increase in average asking rents in April.

The South East was the strongest performing region in April with rents increasing by £19, equivalent to 1.71%. The average rent in the region peaked at £1,191 per month, the highest advertised rent recorded since the inception of the Rental Index.

This reinforces its position as the most prominent market outside of the Capital.

London’s market remains strong. The average advertised rent in the Capital stood at £2,257 per month in April and the general trend continues to be one of growth.

Rents in the Yorkshire & Humber region fell by £20 in April. This follows the national trend as most regions saw a readjustment following steady increases during the first few months of the year.

Robin King, Director of Move with Us, said: “This month it’s all quiet on the rental front for most regions in Britain.

“Whilst rents have dipped minimally in nine regions in Britain, this is no cause for concern as reductions are minor and this is an indication the rental market is finding a natural balance after a period of continued rises.

“The South East is the only market with growth of any note in April. Landlords in this region have seen a strong start to the year.

“It’s likely the already buoyant market is benefiting from the rising number of commuters moving to more affordable areas surrounding Greater London.

“In a yearly comparison, Scotland and the West Midlands performed well with the average advertised rent increasing by 5.28% and 4.84% respectively.”