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Rents in England and Wales climb, as overall arrears are down

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Good news for landlords – the latest data from property website Your Move reveals that in August, rents in England and Wales reached record highs, suggesting that the UK’s decision to leave the EU has had minimal impact on rents.

The study shows that, month on month:

  • rents in England and Wales top previous rents with the average rent now standing at £887 (attributed to student check-ins);
  • rents in London have reached all-time high of £1,391;
  • rents in the South East now stand at £975 and are outperforming the rental growth in London.

Arrears

While the number of tenants in arrears in August increased (up by 0.8% to 9.8% since July), overall they are still well below the all-time high of 14.6%, recorded in February 2010

The number of households in arrears of two months or more totalled 34,473 in August 2016. This is below the 36,314 cases recorded in July.

Finally, research from property website Righmove’s Q3 Rental Trends Tracker shows that the number of people in England and Wales looking to invest in buy-to-let properties have increased by nearly a third (30%) since May. This was following a slump in activity after the introduction of the stamp duty land tax surcharge in April.