Revealed: the region where rents are growing three times faster than the UK average
Rents in the East Midlands rose by 2.24% in the 12 months to February, the fastest rise of any UK region and more than three times the UK average of 0.69%, according to Landbay.
At a county level, Leicester (3.42%) and Nottingham (3.30%) have experienced the most substantial rental growth in the region, both outstripping UK inflation (3%).
The second fastest pace of rental growth was seen in the East of England, where rents grew by more than twice the UK average (1.58%).
Within the region, Peterborough (2.99%) and Cambridgeshire (2.24%) both saw considerable growth, while in Luton rents fell by -0.13%, having been among the fastest growing counties at this point last year (4.83%).
Despite the rapid growth, renting remains more affordable in both the East Midlands (£626) and East of England (£910) than the average across the UK.
The average UK rent now stands at £1,199 per month, a 0.69% increase on this time last year.
London rents are, on average, 2.5 times greater than those across the rest of the UK (£1,878 vs £761), while rents in the South East (£1,053) also well surpass the average.
John Goodall, CEO and founder of Landbay said: “With its more affordable rents, the East is seemingly becoming an increasingly attractive buy-to-let region and as a result greater competition is driving up rents.
“At a national level, an uplift in rents has been on the cards for a while and is likely to continue into 2018.”