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Record rents recorded in three key regions

May 24, 2016Tags: buy-to-let | letting | lettings | Landlords
  • 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%

Rental markets in the East Midlands, West Midlands and East of England have never seen rents higher - according to the latest Buy-to-Let index from Your Move and Reeds Rains.

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. 

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Source: England & Wales Buy to Let Index, April 2016