Rents increased in the South West by 4 per cent on a yearly basis in February, shows new data from Your Move.
This leaves average rents in the region at £703, making it the best-performing area in the time scale considered.
Taking a wider perspective, rents increased by 0.4 per cent in the 12 months to February across England and Wales, leaving prices at £861.
Drilling down to a regional level again, the second best performing area was the West Midlands, where the average price went up 3.1 per cent followed by Yorkshire and the Humber, which posted yearly gains of 2.1 per cent – leaving rents at £636 and £588, respectively.
Your Move says their data reveals landlords counting to chase yields outside of London: the average return on properties in the North East was recorded at 5 per cent and in the North West, 4.8 per cent. Yields in the capital, however, comes in at 3.2 per cent.
Across England and Wales, the average yield over the year dropped from 4.4 per cent to 4.3 per cent.
Regarding the rise seen in the South West of England last month, Your Move national lettings director Martyn Alderton says: “Renters have been drawn to Bristol, not only because of its vibrant arts and cultural scene but also its strong job prospects. This has been accompanied by a boom in build to rent in the city, which has driven up demand and the average rent across the region.”
“Returns in all regions have remained steady compared with January, meaning landlords across the country have enjoyed solid yields.”