The South West led the way in October 2018, with rents in the region rising faster than anywhere else, according to the Your Move Rental Tracker.
Prices in the South West grew by 4.4% in the last 12 months, well above the England and Wales average of 2.2%. Prices fell in two regions – the East of England and London.
The average rent across England and Wales now stands at £861 (seasonally adjusted), showing little change from previous surveys.
Across all regions, on a non-seasonally adjusted basis, the average property let for £934 this month.
Martyn Alderton, National Lettings Director at Your Move, said: “The focus of the rental market has now well and truly shifted away from London. Prices in other regions are growing much faster and
offering higher percentage returns for landlords.
“The South West was the star region this month, posting faster rent
growth than anywhere else. Investors in the North East and North West continued to enjoy higher
percentage returns than other areas, with some areas looking at a 7.5% yield Properties by the North West coast prove to be very popular.
“And, with the area ideal for those who enjoy outdoor activities such as running, biking and walking, it’s understandable why tenant demand is high and why landlords are choosing to buy here.
“All in all, there are positives across much of England and Wales, including the fact that tenant arrears are falling.”