Rents in England and Wales have remained steady over the last 12 month, while Northern properties continue to outstrip rival regions with strong yields, according to a recent Buy-to-Let Index published by estate agent Your Move.
Despite the overall lack of major growth across England and Wales leading up to April 2019, the report discovered figures rising considerably within certain regions.
A significant increase in prices was seen in the South West, with an annual rise of 3.7 per cent, reaching an average rent of £701. The West Midlands overtook the South West, with the typical rent in the region rising by 4 per cent to £641 on average, according to the Buy-to-Let Index.
Yorkshire and the Humber followed with rental properties increasing by 2.5 per cent to £589 over the last twelve months, while in the North West, rents rose by 2.3 per cent to £648, and in the East Midlands, by 2.2 per cent to an average of £666.
London belonged was one of the few areas to see a fall, with rents declining by 1.1 per cent. Nonetheless, the capital remains the most expensive place to rent, with an average cost of £1,262 per month.
The South East followed as the next most expensive area to rent a property with an average rent of £898. Average rents in the East of England were also recorded as being high at an average of £874. The North East remains the cheapest area to rent, with an average rent of £538, according to the recent Buy-to-Let Index from Your Move.
Highest returns in the north
Investor landlords in Southern regions are starting to look north for higher returns, as properties in the Northern regions are continuing to outstrip rival regions, according Your Move.
In the North East, the average property returned 5 per cent and 4.8 per cent in the North West. However, both the South East and West offered an average yield of merely 3.3 per cent.
Martyn Alderton, national lettings director at Your Move, commented: “Across England and Wales there are those areas which are seeing rents rise, and those where they are flat or falling.
“It is the areas which have seen periods of strong growth in recent years, such as London and the East of England, which have dropped back slightly. Other areas of the country, including the West Midlands, are starting to catch up and are growing at an attractive rate.”
Mr. Alderton concluded with: “Regardless of the short-term rent fluctuations, the property market remains a great place to invest, with landlords also enjoying stable returns compared to last month.”