The north-south divide is closing, at least in the rental market, according to the latest figures from Move with Us.
Average asking rent ended 2013 at £986 per month, bucking the seasonal dip which normally kicks in at year-end. But the most significant trend was an increase in average asking rents in regions that typically experience low growth.
This occurred in north east England, which saw an average rise for the final quarter 2013 of £58 (equivalent to 9.16 per cent), Wales with an increase of £59 (9.62 per cent) and Yorkshire and Humberside with £36 (6.38 per cent).
Meanwhile tenants in the traditionally strongest performing regions, Greater London and south east England, saw their rents fall by an average of £12 and £24 respectively in the final quarter of last year.
Move with Us’s dip in the honeypot rental market of the south east confirms a trend already identified by some high-end prime central London agencies such as W A Ellis, which revealed on Letting Agent Today a fortnight ago that its yields and rent levels fell slightly in November and December