General Election had THIS shock effect on rent prices across England and Wales

The build up to the General Election in June and the political uncertainty it brought with it had no appreciable impact on the rental market, according to the Your Move England & Wales Buy to Let Index. 

In fact, seven of the 10 regions covered by the survey saw rents rise between the election announcement in April and May. 

Rents in London also grew month-on-month – the first it’s happened in six months. 

The average Welsh rental property was let for £599 in May 2017, 7.1 per cent higher than the year before. 

The East of England was home to the next best growth, with prices rising 4.1 per cent in the last 12 months to reach £872. 

The South East (2.6 per cent), North West (2.5 per cent), East Midlands (2.2 per cent) and the Yorkshire and the Humber (2 per cent) were the other regions to post annual growth of 2 per cent or more. 

This was the last full month before the UK general election but it appears political turbulence had little direct impact on rental prices. 

Only Wales (-0.5 per cent), the East of England (-0.4 per cent) and the North East (0.1 per cent) saw rental prices drop between April and May. 

This means the North East remains the cheapest place to rent property in England and Wales at £544 per month. 

Across England and Wales the average rent in April was £814 1.3 per cent higher than a month ago and 2.8 per cent up year-on-year. 

London rents nudged upwards but are still 5 per cent lower than in May 2016. 

Rents in the capital rose 0.2 per cent between April and May to reach an average of £1,276. 

But, rents are still 1.5 per cent lowers than in May 2016, when the typical property cost £1,295 a month. 

Valerie Bannister, Lettings Director, 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. prices in the capital grew on a monthly basis for the first time since November 2016.

“While landlords have seen yields squeezed in recent times, there are signs this could be stabilising. Returns this month were 4.4 per cent, the same as in April.” 

House prices have also risen despite Brexit uncertainty after the General Election result.