The latest Your Move Buy to Let price index shows that rents are still rising, following the pattern of the last twelve months. In September, tenants in England and Wales paid an average rent (seasonally adjusted) of £843 per calendar month. The figure for the previous month was £841. These statistics indicate a 3.2% rent rise on the same period last year.
Rents in the North West are rising faster than anywhere else in the UK. Prices there have gone up by 3.6%. Second on the list was the East Midlands, which registered an increase of 3.4%, closely followed by the East of England, where prices rose by 2.9%.
Only two regions registered a decline in rental prices. The North East had previously shown a marked increase, but rents there have fallen by 0.3%. Rents in the South West also fell, by 2.2%.
It’s not all bad news for the North East, as landlords are there are enjoying excellent rental yields of 5.1% on their properties, mostly thanks to very low property prices. The other top place for landlords was the North West, where rental yields are 5%.
London Still Expensive for Tenants
Rents in London are still higher than anywhere else in England and Wales, although price growth is much slower than other areas. Tenants there pay, on average, £1,280. However, it is important to note that there are significant differences in rents across the different boroughs of London, with some areas far more expensive than others.
Experts report that rental yields are now stabilising after a turbulent year for landlords.