Apparently under strict embargo until Friday the 24th of this month, the most recent figures released by the Your Move Buy to Let Index help one to determine the activity of rent prices in the countries of England and Wales specifically. This is a useful index that helps one to see how various factors have conspired to affecting the rent levels currently imposed by landlords upon their tenants in this country and demonstrates the various fluctuations inherent within the property and development market.
January of this year saw a muscular beginning to the rental market in 2017, demonstrating the high rates of rent that are causing panic for a number of less well-off renters all over the country. It is evident from the figures that with the rent prices in England and Wales being on average set at £798, it is clear that with the lack of significant wage growth that it is going to be a tough year for renters all over the United Kingdom. Essentially, the index indicates that the average rent price in places around the countries of England and Wales have actually risen by 1 per cent as compared with the previous year, with only two regions witnessing the price of rent fall. These areas were in London (minus 0.4 per cent) where the rates of rent are already astronomically high and also in the North West (where the rent price dropped by minus 0.1 per cent).
Conversely, the East of England saw the hugest jump in the price of rent, which went up by a staggering 6.9 per cent: now, properties there can be fixed at a rent rate of no less than £870 a month. This is undoubtedly due to the area’s proximity to the capital city of London and indicates the clear sense that even a shack in Shoreditch could be worth more than a mansion in Surrey.
