Rents Continue To Increase In England And Wales

AFS Team·9 May 2019·4 min read
Rents Continue To Increase In England And Wales

Rents Continue To Increase In England And Wales

Rents across most of England and Wales are continuing to increase, one report reveals.

The rental index published by Goodlord highlights that between March and April, the rents in six of the eight regions monitored saw increases.

The only rental declines were seen in the North East and South West.

However, there are wide variations between the regions with the average rent in London now reaching £1,652 per month.

In the South East, rents are at £1,009, in the South West, rents are £867 and in the East Midlands, they are £832.

Landlords in the North West

For landlords in the North West, the average monthly rent is £774, in Wales, it is £770 and in the West Midlands, it's £699.

The average rent is £618 in the North East.

The figures also highlight that landlords in London experienced the shortest voids at an average of 12 days and London also has, at 14 months, the longest fixed term tenancies.

The longest void periods are for landlords in the West Midlands who experience an average of 31 days.

The most affordable regions in England and Wales for renters are the North West and Wales, the index reveals.

Overseas students will boost rental housing prospects

Meanwhile, demand from overseas students for rental housing in the UK will remain high, regardless of fears that a downturn would occur over Brexit.

In a report published by real estate firm Knight Frank, they say that demand from international students is strong and changing demographic trends in the UK are helping to strengthen student domestic demand.

In spite of political uncertainty, international student numbers grew thanks to the global appeal of higher education in the UK.

Around one in five of all applicants for a university course are from outside of the UK.

The firm's global head of student property, James Pullan, said: "The medium and long-term picture remains bright and it's underpinned by positive demographics and the International Education Strategy that was recently announced."

According to Ucas, more than 560,000 students had applied for a full-time undergraduate course at a UK university for the academic year of 2019/2020.

That's nearly 2,500 more applicants than the last year and is the first time in three years that applications have increased. The numbers from outside the UK have grown by 5.7% to reach a record number.

There's been a big spike from prospective Chinese students which saw applications grow by 33% year-on-year to match numbers coming from Wales and Northern Ireland.