Rental values in the East Midlands and the South West increased more than any other region in England and Wales in the year to May, according to a report Friday by U.K. estate agency Your Move.
Both regions saw average rental values rise 3% over the span, the report said, putting the average monthly rents at £656 (US$866) and £682 (US$900), respectively.
More:Brazilian-Influenced Modern Miami Beach Estate Back on the Market for $25.75M
Across all of England and Wales, the average property rents for £818 (US$1,080) per month.
While these outer regions are logging increased price growth, the London rental market cooled in the last year, with values falling 0.3%.
Though with average rents standing at £1,273 (US$1,681) in the capital, it remains the most expensive place to rent in England and Wales, despite the recent falls.
London isn’t the only U.K. market to see rental values dip. In Wales, the average rent dropped 2% to £587 (US$775) and in the North East, the average property rents for £536 (US$708) following a fall of 1.6%, the report said.
They were the only three regions in England and Wales to post yearly falls.
From Penta:Louvre Abu Dhabi to Unveil ‘Salvator Mundi’ in September
In Scotland, rental growth was led by The Highlands and Islands in the north of the country, which saw rental values leap 10.6% in the year to May, putting average monthly costs at £667 (US$881), according to the report.
That’s just £10 (US$13) below the average monthly rent in the Edinburgh and Lothians region, which has the most expensive rental values in Scotland at £677 (US$894), a rise of 3.1% compared to last year.
The average monthly rent in Scotland stands at £575 (US$759).
"Capital cities often attract people from all over the country and Scotland is no different," said Brian Moran, lettings director at Your Move Scotland, in the report. "The lure of the big city has increased demand for properties in the capital, and rents have risen accordingly."
"Scotland’s other big city, Glasgow, also recorded strong growth," Mr. Moran said. Prices in the region of Glasgow and Clyde, rose 4.8% in the year to May.