With the majority of rents in England and Wales rising in May it appears that the snap general election had no noticeable effect on the lettings market – according to the latest Buy to let Index from Your Move.
Rent are now, on average, sitting at £814 per month with seven of the 10 regions surveyed seeing rent rises as well as London where rents grew month on month – the first time in six months.
Valerie Bannister, Lettings Director, Your Move, commented:
“Strong and stable was the catchphrase of the election and this was demonstrated in real terms by the rental sector – with only Wales, the East of England, and the North East seeing rents drop between April and May. Even London, which had seen prices fall in recent months, saw rents increase by 0.2% over the month to reach an average £1,276 – although still lower than in May 2016.
In turn, while landlords have seen yields squeezed in recent times, there are signs this could be stabilising. Returns this month were 4.4% – the same as in April.”
Source: Your Move