Rents driven to new all-time record by divergent south eastern regions.
- Residential rents up 4.5% year-on-year across England and Wales, powered by three southeast regions
- Average monthly rents hit new record at £778 – boosted by £1,207 in London and £819 in East of England
- Steady picture for landlords, with gross rental yields of 5.1% unchanged from April 2015 and May 2014
- Some tenants still feel financial pressure, as late rent shows a spike in May – 7.7% of all rent in arrears
Rents across England and Wales are now 4.5% higher than a year ago, as accelerating rent rises in London, the East and the South East diverge from other regions, according to the latest Buy-to-Let Index from Your Move.
As of May 2015, the average residential rent across England and Wales now stands at £778 per month.
This is 0.5% higher than the previous £774 record set in April, and 4.5% higher than the £745 seen a year before in May 2014.
Adrian Gill, director of estate agent Your Move, comments: “Rent growth has shifted up a gear in the space of just a few months. As recently as October annual rent rises were just 1.5% – so this pace of growth has tripled since then.