New figures from Your Move show that the average rent in England and Wales during March stood at £800, a rise of £2 in comparison to the previous month.
However, this was a fall from the £811 per month seen at the back end of 2016.
The latest Your Move England & Wales Buy to Let Index shows that rents increased in six of the ten regions covered by the analysis during March, in comparison to February.
This was driven by rises in the East of England, with prices here increasing 1.6% in the last month. Now, values are 7.4% greater than in March last year.
Valerie Bannister, letting director at Your Move, noted: ‘In previous months we have seen rents in the South East rise as people looked to move beyond the capital, but it is the East of England which appears to be seeing the benefit as rents here have risen 7.4% in the last year.’
On the other hand, rents in London continue to slow. The capital saw rental decline on both a monthly and yearly basis. The average rental property in the capital let for £1,203pcm during March 2017, a fall of 6% month-on-month.
Bannister continued by saying: ‘Rents in London have declined in the last 12 months, falling from £1,297 a year ago to £1,203 in March 2017.’
The capital was not the only region to experience a rental decline in the last month and year. In the North East, prices now average at £525pcm, after seeing a fall of 3.7% since February and 3.1% since March 2016. However, it remains the cheapest place to rent, according to the survey.
When are the best regions for rental growth?
In terms of yields, the average in England and Wales was 4.5% in March, a fall from the 5% seen in March last year.
Regions with greater house prices continue to have the lowest yields, therefore it is not a surprise that the average yield in London was 3.2% last month.
At the other end of the scale, properties in the North East saw the largest yields, of 5.2% in March. The North West also saw healthy yields of 5% over the same period.