Buy to Let
Revealed: the region where rents are growing three times faster than the UK average
Rents here are soaring, but they are still lower than the national 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%).
Still cheap
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.”