OCTOBER 24, 2018 | BY A & S Property
Rents increase across England and Wales, with just London seeing a decrease
The average rent across England and Wales increased by 2.3% in the 12 months to September, reaching an average of £861 per calendar month (pcm) in September, unchanged from a month earlier, the latest figures from Your Move show.
Rents increased across all regions of England and Wales in the 12 months to September, except in London where prices have dropped by 1.3% year-on-year.
But unsurprisingly, the capital remains the most expensive place to rent property, at an average of £1,271pcm, according to Your Move.
The new academic year caused a surge in activity last month, helping to support growth in rental prices.
The strongest annual growth came in the South West, where prices have risen by 4.3% to hit £686pcm.
The next fastest price rise was in the East Midlands, where the average property is now worth £656pcm after growth of 2.4% in the last year, followed by the South East, where rental prices increased by 1.8% to hit £895pcm in the year to September.
Martyn Alderton, national lettings director at Your Move, said: “Students up and down the country are beginning to return to their universities. Yet far from the outdated stereotypes of ropey student digs, many young people are able to access top quality student accommodation in their place of study.
“The growth of the student rental market has been a boon for landlords who have invested in good quality properties.
“Yet the number of living options for students means that there is real competition, with landlords having to ensure quality is high to attract the best tenants.”
Properties in northern regions continue to earn higher percentage returns than those located in southern areas.
The average investor in the North East enjoyed an annual yield of 5% in the year to August while in the North West this figure was 4.8%.
Landlords in London once again witnessed the smallest percentage returns, at an average of 3.2% in September.
Across all of England and Wales, landlords enjoyed an average yield of 4.4% in September, the same as in June, July and August, but below the 4.7% achieved in Scotland.
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