A property services company claims that in the last twelve months the average rent across England and Wales has risen by 3.1%, which is the highest annual rise in two years.  

The average residential monthly rent in England and Wales was £743 in February 2014, £763 in January 2015 and now stands at £766.

The East of England average rent has taken a massive jump from £714 twelve months ago, to £787 in February this year, it now boasts the highest ever growth level in the region since 2009.
 
Unfortunately the only two regions in the last twelve months that suffered a drop were the North East  -0.4% and the North West -0.3%. The West Midlands and the South West average rents remained virtually the same year-on-year.
 
The spokesman for the company, Adrian Gill, said: “Here we have a perfect example of rents following the jobs market. With growth gathering around London, renters are moving to areas that allow them to commute into the capital. Rents are rising in line with the salaries of these new tenants. It’s a clear illustration of why new builds are important to the wider economy.”

A standard property’s gross rental  yield in England and Wales is 5%, which is -0.2% from a year ago, however with the average 3.1% rise in the average rent, it more than compensates for the slight downturn.