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Rents up across England and Wales - except for one region

Just one region of England and Wales saw rents fall in the year to September 2018, according to the latest Your Move Rental Tracker. 

Prices in London fell by 1.3 per cent in the last 12 months, but the capital remains the most expensive place to rent in the country. 

The average rent across England and Wales grew by 2.3 per cent in the last year, hitting an average of £861 on a seasonally-adjusted basis.

The strongest annual growth came in the South West, where prices have risen by 4.3 per cent to  £686 a month. The next fastest price rise was in the East Midlands, where the average property is now worth £656 after growth of 2.4 per cent in the last year. 

Rounding out the top three was the South East - unaffected by proximity to London - with rental prices increasing 1.8 per cent to hit £895 in the year to September. 

The South East is the second most expensive place to rent, followed by the East of England where rents have risen a modest 0.7 per cent to £890. 

In terms of yield, the now-familiar story continues - properties located in northern regions earned higher percentage returns than those located in southern areas. 

The average investor in the North East enjoyed an annual yield of 5.0 per cent in the year to September while in the North West this figure was 4.8 per cent. 

London investors once again had the smallest percentage returns, recording 3.2 per cent during the month; however, when all properties in England and Wales are considered, the average yield remained at 4.4 per cent. 

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    Always amuses me when yields are compared by region. These are gross yields. Shall we follow the Build-to-Rent sector and talk about net yields, after maintenance, insurance, fees, etc? A £500k terraced house in London compared to 5 x terraced houses in the Midlands. Higher gross rent in the Midlands, but 5 boilers to fix, roofs to repair, buildings to insure, etc. Net income is so different from gross. And that’s before you factor in capital growth, if any.


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