Rents in Wales soar by 12.7 percent

Rents in Wales are rising at one of the fastest rates in the UK.

Wales's annual asking price for rent increased by 12.7% in a year according to property firm Rightmove.

Pontypool saw the largest annual increase in asking price of any local area, jumping a whopping 20 percent from £562 pounds per month to £674.

Meanwhile across the UK rents are increasing at the fastest rate on record

Rightmove's quarterly rental trends tracker has found the average asking price per calendar month is £1,068 outside London and £2,142 inside the UK capital.

The real estate giant also predicted that asking prices will rise by a further 5% this year, as competition between tenants for available properties increased by nearly double the previous year.

The number of available properties is also 51% lower than the same period last year, which has led to properties being filled within only 17 days on average.

Wales's increase of 12.7% was followed by the North West which jumped by 12.5% and the South West, rising by 11%.

The director of property data for Rightmove, Tim Bannister, said:

"Tenant demand continues to be really high entering the new year, meaning the imbalance between supply and demand is set to continue until more choice comes on to the market for tenants, which has led to our prediction of a further 5% increase in average asking rents in 2022.

"Landlords understand the importance of having a good, long-term tenant, and there is a limit to what renters can afford to pay, which will prevent rents rising at the same rate we've seen over the past year."