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East Midlands sees rents rise the fastest

Monday 12 March 2018

The East Midlands has seen rents rise the fastest over the last 12 months with an increase of 2.24 per cent to February 2018.

Overall rents nationally were up 0.69 per cent year on year to an average of £1,199 per month, according to the latest Landbay rental index.

In the East Midlands, rents increased three times faster than the UK average, led by a 3.42 per cent rise in Leicester and a 3.3 per cent rise in Nottingham.

Scotland, Wales and Northern Ireland are all outperforming England, the data shows.

Rents in Scotland increased by 1.29 per cent year on year to an average of £732, while in Northern Ireland they climbed 1.47 per cent to £568 and in Wales by 1.45 per cent to £646.

When London is excluded the average annual growth is 1.27 per cent to an average of £761.

The East Midlands were followed by the East of England, where rents grew by more than twice the UK average at 1.58 per cent, led by Peterborough with a rise of 2.99 per cent.

In London rents remain, on average, 2.5 times greater than those across the rest of the UK at £1,878 while rents in the South East at £1,053 are also well above the average.

John Goodall, chief executive officer of Landbay, said: "With its more affordable rents, the East of England is seemingly becoming an increasingly attractive buy to let region and as a result greater competition is driving up rents.

"At a national level, an uplift in rents has been on the cards for a while and is likely to continue into 2018.

"The Prime Minister has this week vowed to get tough with property developers who sit on planning permissions, but if we truly want to control rental and house price growth we need to build more homes, not just plan them.

"Areas in the East Midlands and East of England, such as Leicester and Nottingham, where rental growth is reaching particularly unsustainable levels, should be the prioritised focus for the Government, developers and landlords," he added.

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