Some places in England and Wales are seeing rents rise by up to 4 per cent, it has been suggested.
New research by lettings agent Your Move found that the average rent in these areas reached £861 last month.
The strongest rises were seen in the West Midlands, where tenants paid 4 per cent more in April 2019 compared to a year earlier.
Overtaking the South West, tenants in the West Midlands were recorded as typically paying £641 a month in rent.
In the South West, rents still grew by a notable 3.7 per cent in the same period to £701.
Other areas that saw annual rents grow included Yorkshire and the Humber at 2.5 per cent. And in the North West, they rose by 2.3 per cent, while in the East Midlands, they rose by 2.2 per cent.
With overall rents in England and Wales being 0.5 per cent higher in April compared to the same stage in 2018, there are some big regional variations.
Two areas saw rents decline, with the East of England leading the way with an annual drop of 2.2 per cent.
However, in monetary terms, it meant the average rent of £874 a month in this area continues to be higher than the average across England and Wales.
The other area where rents are in decline is London, where rents dropped 1.1 per cent. However, it still remains the most expensive place to rent in the country, with the typical property let for £1,262 a month.
Martyn Alderton, National Lettings Director at Your Move, said: “Across England and Wales there are those areas which are seeing rents rise, and those where they are flat or falling.
“It is the areas which have seen periods of strong growth in recent years, such as London and the East of England, which have dropped back slightly.
“Other areas of the country, including the West Midlands, are starting to catch up and are growing at an attractive rate.
“Regardless of the short-term rent fluctuations, the property market remains a great place to invest, with landlords also enjoying stable returns compared to last month.”
The Your Move research also suggested that there is a modest decrease in the number of tenants in financial difficulty in April.
It claimed 9.1 per cent of all tenancies were behind with their payments in April.
The proportion of tenants in arrears remains well below both the recent and all-time high recorded by Your Move. The all-time high of 14.6 per cent was recorded in February 2010, while the most recent high of 13.7 per cent was in July 2017.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
12 March 2020 • 2-minute read
Chancellor Rishi Sunak announced the first UK Budget since October 2018 amid continuing political and economic uncertainty. Here’s the key…
6th Floor99 Gresham StreetLondonEC2V 7NG
Sol House29 St Katherine's StreetNorthamptonNN1 2QZ
© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.