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In May, the average rent in England and Wales rose by 0.5% to £696 per month, surpassing the previous high of £692 in April. The growth means that the average rent is now £30 per month higher than May 2010 – an annual inflation of 4.4%. The average yield remained at a record high of 5.1% in May.
The figures mask huge differences in regional fortunes. In the past 12 months, rents have risen in all but two regions in England and Wales. Rents have risen the fastest in London, where they increased 7.8% in the past year. The next biggest rises were in the North East, and the East Midlands where rents increased by 6.4% and 6.2% respectively. In the last year, average rents have only fallen in the South West, where they declined by 0.4%, and the East of England, where they have fallen by 1.2%. Read More: