Rents rise at fastest rate since September
Rents now rising at the fastest rate for six months, reaching an average of £793 across England & Wales
- Tenants are also better able to manage higher rental payments, as rent in arrears drops to 8.1% of rent due
Rents are marching upwards at the fastest pace since last autumn, and have reached the highest levels seen so far this year, according to the latest Buy-to-Let Index from Reeds Rains.
Average rents for homes to let across England & Wales have now reached £793 per month, as of April 2016.
On a month-on-month basis this represents an increase of 0.3% – or the fastest monthly rent rises since September 2015.
This leaves rents 2.4% higher than at the same point last year – or an extra £19 every month for the average tenant.
A strong acceleration in market rents comes on the back of what was previously a relatively subdued month, when rents saw no change between February and March 2016.
Source: England & Wales Buy to Let Index, April 2016