Average monthly rents top £1,000 across the Midlands

Average rents across the Midlands have climbed above £1,000 a month, according to a new report on the region's property market.

Figures released by estate and lettings agency John Shepherd put the average monthly rent in the "Heart of England" at £1,035.

The report also suggests changes introduced under the Renters' Rights Act have not resulted in the large numbers of tenants moving home that had been anticipated.

According to the agency's figures, the number of tenants moving out of rented accommodation was 14 per cent lower this quarter than during the same period last year.

John Shepherd said the figures suggested tenants were increasingly choosing stability despite changes to the rental sector.

The report also paints a positive picture of the Midlands' property sales market, with the agency claiming traditional seasonal trends are becoming less important when homeowners decide when to sell.

Affordability, interest rates and the cost of living are instead playing a greater role in when buyers and sellers enter the market.

Energy efficiency is also becoming increasingly important to prospective buyers, according to the report.

Homes where sellers highlight features which could reduce energy costs, as well as nearby community amenities, are said to be attracting more interest than properties marketed primarily on price.

The agency also reported strong activity at the upper end of the market, particularly among homes priced between £800,000 and £1 million.

One property received 14 viewings before selling within a day for £50,000 above its asking price.

Richard Crathorne, CEO of John Shepherd, said: "The Midlands property market is adapting with confidence to the changes following the Renters' Rights Act.

"Renters are seeking stability over flexibility, and we've not seen the landlord exodus that many predicted.

"In the sales market, sustained buyer demand has meant the past three months have delivered our largest net sales months this year to date."