Rents in England and Wales up marginally year on year in 12 months to May

Rents in England Wales increased by 0.2% in the 12 months to May 2019 to an average of £863 while two regions recorded a fall, the latest rental tracker report shows. But in London rents fell by 0.6% although they increased by 0.3% month on month to £1,265 and the capital remains the most expensive place to rent a home in the UK. The East of England also saw rents fall, down by 2% year on year to £874. The West Midlands recorded the biggest rent rise at 4.1%, taking the average to £643 while in the South West rents increased by 2.8% to £701, and in the North West by 2.4% to £648. In addition to London, both the West Midlands and Wales saw prices grow by 0.2% on a monthly basis. In Wales the average price is now £599. The only other regions with cheaper rents are the Yorkshire and The Humber at £589 and the North East at £538) While property investors have seen their returns squeezed by a number of factors in recent times, with new tax changes and higher purchase prices damaging profits, the index data shows that yields in May were unchanged month on month.

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