October 22, 2011
All Areas See Rent Rise Boost
For the first time on record, asking price rents have risen in all regions.
The rise was recorded in the latest buy-to-let index published this morning by LSL Property Services, parent company of national chains Your Move and Reeds Rains. The research is based on 18,000investment properties on their books.
In September, the average rent in England and Wales rose by 0.7% to £718 per month, surpassing the previous record high of £713 in August.
With annual rental inflation at 4.3%, the average rent is £29 pcm higher than September 2010. The average yield in September rose from 5.2% to 5.3%.
On a monthly basis, rents rose in all regions of England and Wales for the first time on record. As a result, rents hit record highs in six regions – London, the South-East, Yorkshire and the Humber, the East of England, Wales and the East Midlands.
Rents increased the fastest in the South-East and the East Midlands, where they rose by 1.8% and 1.1% respectively compared to August, while the smallest increases were in the West Midlands and the North-East, where rents rose by 0.2% and 0.3%.
Great News for property investors!!
