RENT RISES DROP TO LESS THAN HALF INFLATION
• Annual rent rises fall to just 0.6%, less than half the latest rate of CPI inflation (1.6%)
• Rent rises total 12.9% since January 2010, but less than cumulative inflation of 14.5%
• Tenant finances improve in April, as late rent drops by £18 million since March
Rent rises across England and Wales have slowed to less than half the current rate of inflation, according to the latest Buy-to-Let Index from LSL Property Services plc, which owns the UK’s largest lettings agent network, including national chain Your Move.
Rents by region
Rents in six out of ten regions are higher than a year ago. The fastest annual increase is in the South West with rents up 4.3% since April 2013. This is followed by a 3.2% annual rise for the East Midlands and a 2.4% increase in the North West compared to twelve months ago. London, Wales and the South East have all also seen rents rise, though more slowly. Rents are up by just 0.6% in all these regions since April 2013. Out of the four regions where rents are now lower than twelve months ago, the North East has seen the greatest fall – down by 3.0%. This is followed by a 2.8% annual drop in the East of England, a 2.0% fall in the West Midlands. Rents in Yorkshire and the Humber are 0.7% lower than twelve months ago. On a monthly basis four out of ten regions have seen rents fall. Between March and April the South West has seen rents drop 0.7%. This was followed by a 0.4% dip in London rents, while rents in both the North East and East of England have fallen by 0.1% since March this year. By contrast Wales has seen the fastest monthly rent rise of 1.1%, followed by a 0.9% monthly increase in both Yorkshire & the Humber and in the West Midlands. Read the full Index