Rents for housing have increased in almost all regions of England and Wales

Rents for residential property in England and Wales rose by 3% during 2014, despite a slight drop in prices, which was observed between November and December.

The average rent for property in England and Wales is now £767 per month, which is 3% higher than the average rent a year ago – in December 2013 – £745 per month. A slight deceleration in rental prices in November –December 2014 is a traditional seasonal factor. Few people are willing to change their place of residence before the Christmas and new year holidays. Against the background of falling demand for the rent in December, usually there is a slight decline in prices. Meanwhile, the decline in December 2014 was much less than usual, indicating a strong rental market. In recent years a noticeable decline in seasonal winter factor. At the time, how improving employment rates across the country, more and more people are willing to move in the winter.

The strong growth in rents for residential property in England and Wales recorded in 8 of the 10 regions. Particularly strong growth of 7.6% was in the East of England. Followed by London with growth of 4.1% over the past 12 months, and Yorkshire and the Humber where the growth in rents was 3.4%.

Only two regions of the UK rental prices of residential property fell.

It is in the North-East, where the fall was 2.1% and in the South-West, where the fall was about 1% per year.

The average yield on homeowners that rent their property in England to rent amounted in December 2014 to 5.1% per year. This is slightly less than in December 2013, when the yield was 5.3% in the year. The decline of profitability , despite the increase in rents, due to the rising cost of the property, which is always ahead of the growth of rental rates.

In absolute terms the average landlord earns today £18893 pounds a year to deducting mortgage payments and maintenance costs.

® Alice Morgan 19.01.2015 G.

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