The rental market in London continues to cool while outer regions log larger value increases, according to a report Friday by U.K. estate agency Your Move.
The capital might still hold its title as the most expensive rental region across England and Wales—prices average £1,271 (US$1,652) per month—but price growth went negative in the year to June, as values dipped 0.5%.
The South West of England was home to the fastest rising rents in the same time frame, the report said. Prices in this region—which includes rural areas of Cornwall and Devon, along with cities like Bristol, Plymouth and Exeter—rose by 3.4%, bringing the average rental price to £686 (US$891).
“Plymouth is a particular hotspot,” said Martyn Alderton, national lettings director at Your Move, in the report. “As well as stunning countryside and lower cost of living, current multi-million pound developments are creating employment opportunities.
"Coupled with the expansion of the dockyard and hospital, strong economic growth is encouraging many tenants to live here,” he continued.
Bristol is also proving to be a popular rental location, Mr. Alderton said, due to ongoing city development and strong employment opportunities.
The East Midlands and the East of England boasted strong price growth, too, according to the report. Rental prices in the East Midlands grew 2.8% and the average renter can expect to pay £656 (US$852), while in the East of England prices rose 2% in the year to June, putting prices at £890 (US$1157).
Two other regions joined London in seeing falling rents in the same time frame. In Wales, rental values fell 1.9%, with the average property now letting for £588 (US$764). While in the North East—the cheapest place for tenants to rent a property throughout England and Wales—prices fell by 1.6% to £535 (US$695).
Across England and Wales, the average property lets for £830 (US$1,079) per month.