Rents fell in November for the first time since March, but are still 3.4% higher than in November last year.
The latest LSL rent survey, which measures asking price rents, says that the average rent was £741 last month.
The largest fall was in the South-East where rents dropped 1.9% – the region’s first monthly decline since February.
Rents in the North-West and West Midlands fell 1.1% and 1% respectively.
Rents rose the fastest in Wales and Yorkshire and the Humber, while in London rents went up just 0.2%.
Rental Market Resilience – Insights into Annual Growth and Declines
On an annual basis, rents are higher than a year ago in all but Wales. Rental growth was the highest in London, where rents were 6.9% higher than in last November and hit a new peak of £1,104.
LSL estimates that the total amount of rent late or unpaid fell to the lowest level since June 2010, with total arrears of £241m, down from £265m in October. This equates to 7.4% of all rent across England and Wales.
Article courtesy of Landlord Today“”
