Rents rise above £800 for first time on record
- Record surge in month-on-month increases takes average rent to new peak across England and Wales
- Rents hit highest levels since 2009 in Yorkshire & the Humber, East and West Midlands, and London
- Proportion of rent in arrears improves to 8.4% in July, down from 8.6% in June and 7.3% in July last year
- Landlord gross yields have improved to 5.2%, the first substantial increase seen since March this year
Rents across England and Wales hit yet another record high in July, driven to £804 on the back of the fastest month-on month price increase seen since 2009, according to the latest Buy-to-Let Index from Your Move.
On a monthly basis, rents across England and Wales rose by 1.9% in July, up from £789 the previous month in the fastest monthly rise seen since records began in 2009.
Compared to July 2014, when the average rent in England and Wales stood at £753, tenants in July 2015 are paying 6.8% more – also the largest annual rise on record.
This record-breaking increase has been driven by higher rents in Yorkshire & the Humber as well consistently strong rises across southern regions.