Rents in the North West of England grew by 3.6% in the year to September – the fastest rising region in England and Wales, Your Move’s buy-to-let index has revealed.
After the increase the North West is now the second best location for yields, at 5.0% compared to 5.1% in the North East.
Martyn Alderton, national lettings director for letting agents Your Move and Reeds Rain, said: “There was a stellar performance in the North West, with rents increasing by 3.6% over the year and landlords seeing a high yield rate of 5%.
“Yield levels have started to stabilise across surveyed areas after being squeezed at the start of the year. This is good news for landlords and demonstrates the resilience of the sector.”
He added: “Once again the strongest rent growth was found in the areas away from London and the South East.
“As activity in the capital slows, prices and activity have risen in the north.”
The North West, which includes Manchester and Liverpool, is the third most populated region in the UK behind London and the South East of England.
The second best areas in terms of annual rental growth were the East Midlands (3.4%) and the East of England (2.9%).
However rents fell by 2.2% in the South West and 0.3% in the North East.
Typically properties in England and Wales yielded 4.4%, with London (3.2%) and the South East (3.3%) being the lowest yielding areas.