Rental costs increased by 3.9% year-on-year to April 2013.
- The typical rental cost in England and Wales is £736 per month
- This is an increase of 0.2% from March 2013
- Rents rose by 3.9% between April 2012 and April 2013
Average rental costs in England and Wales have increased by 3.9% between April 2012 and April 2013.
The typical cost for renting a property was £736 last month, which is a rise of 0.2% from March.
Director of LSL Property Services David Newnes suggested the growth of rental fees was impressive as a result of the slow movement of pay rises over the last year.
Findings released on Friday (May 17th) in LSL Property Service’s Buy-to-Let Index show that every region in England and Wales saw rents climb annually, which is the first time this has happened since November 2011.
Rents also rose in eight out of ten regions on a monthly basis, with the East Midlands seeing increases of 0.6% from March, and the north-east and south-west experiencing increases of 0.5% over the month.
Typical rents in the East Midlands for April was £552, which is 4.1% higher than April 2012, providing yields of 6.1%. Meanwhile, rents in the north-east were £532, an increase of 2.9% on the previous April and offering gains of 5.3%. The south-west has average rents of £634, but only rose by 0.5% year-on-year, while landlords in the area can expect to see yields of 3.9%.
Last month’s Buy-to-Let Index revealed rents in March 2013 were 4.2% higher than they were in March 2012, with the average monthly fee in England and Wales being £735.