10:11 AM, 21st October 2015, About 6 years ago
Average rents across England and Wales reached the highest level ever recorded between August and September this year, new data has found.
According to the latest buy-to-let index from Your Move and Reeds Rains, average rents currently stand at £816 per month, a 1.6% month on month rise and 6.3% year on year increase. These figures for the private rented sector contrast with wider inflation and consumer prices which are now 0.1% lower than in September 2014.
Looking back further, the divergence is even clearer to see. Rents are now 24.4% higher than in January 2010, while the index of CPI inflation is just 14.1% higher over the same period. This means 10.3% real terms rise in rents since the start of the decade.
The data shows that five out of 10 regions of England and Wales also saw individual record rents in September this year.
Unsurprisingly, rents in London are accelerating most rapidly, up 11.6% on an annual basis to a new record of £1.301 per month.
In the east of England rents are now rising marginally more slowly, up by 8.8% over the last 12 months.
Average rents in the East Midlands are now at £603 per month, a record since the index began and up 6.7% year on year.
It’s a similar story in the West Midlands, which has seen its own record of £592 per month, 5.2% higher than in September 2014.
“A shortage of properties of all tenures, and demand from those who want the greater flexibility that renting offers, means rents are rising strongly in the majority of regions,” said a spokesperson for Discount Insurance.
“While September is always a busy time of year in the rental market, due to students and recent graduates looking for accommodation, this year has seen unprecedented growth.”
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