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What election? Rents ‘strong and stable’ in May despite political uncertainty
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Original Source: Property Eye.
Original Author: Marc Shoffman
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The run-up to the General Election had little impact on rents during May, and even London saw a rise, Your Move claims.
The latest Your Move Buy to Let Index shows average rents across England and Wales increased 1.3% between April and May to £814 a month, up 2.8% annually.
London rents nudged upwards on a monthly basis for the first time since November 2016, increasing 0.2% to an average of £1,276.
However, rents are still 1.5% lower than in May 2016, when the typical property cost £1,295 a month.
The North-East remained the cheapest place to rent a property in England and Wales at £544 per month, while Welsh rents saw the biggest annual increase, up 7.1% to £599 a month.
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.”
