- New all-time records for three separate regions - led by East Midlands with 8.5% annual rent rises
- Landlords see total annual returns (before costs) of 10.7% in year to April, with gross yields steady at 4.9%
Second only to London in absolute terms, rents in the East of England has seen a new all-time record of £848 in April, on the back of 4.8% rent rises over the last year. Second in terms of annual rent rises, up to 6.2% on last April, the West Midlands is now home to average rents breaking through the £600 per month barrier.
However, leading England & Wales by some distance, property to rent in the East Midlands has seen annual rent rises of 8.5%. This takes rents in the region to a new all-time record of £616 as of April.
On a monthly basis, the fastest increases in rents were jointly in the East of England and the South East, both seeing rents rise by 1.0% just between March and April. The North East property market follows by this month-on-month measure, with rents now 0.8% higher than in March 2016. In all three of these regions the latest monthly rent rises represent an acceleration compared to relatively more subdued rises previously this year.
Source: England & Wales Buy to Let Index, April 2016