26 Jan

Rents expand at fastest rate since 2011

Rents expand at fastest rate since 2011

Rents across England and Wales have growth by the fastest annual rate since 2011, according to the latest figures.

Private rents rose by 3.4 per cent in 2005 in the latest data produced by Your Move buy-to-let index. There was strong growth across the majority of regions, with rents in both Yorkshire & Humber and West Midlands reaching record highs in December.

The increase means that average rents are now £794 per month with the East of England experiencing the largest increase, followed by London.

Adrian Gill, director of estate agents Reeds Rains and Your Move, said: “The fact that the majority of tenants can afford higher rents is certainly good news, and should be seen as a positive indicator as we enter 2016.

However, he warned more needs to be done to ensure the UK’s housing market is sustainable and stressed “higher rents also raise a serious challenge for the future affordability of housing in this country”.

The surge in the market also means that the average landlord in England and Wales have seen total returns of 11.3 per cent over the course of 2015.

In real terms, this means a return of £21,110, before any deductions such as property maintenance and mortgage payments.ADNFCR-1222-ID-801810949-ADNFCR

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