Buy to Let

Average rents fell in October

Christina Hoghton
Written By:
Christina Hoghton

Tenants saw a slight reprieve in October but rents are still up by 4.7% over the last year

The average rents paid across England and Wales fell to £806 a month in October, according to Your Move estate agents.

But it’s a limited reprieve for tenants, as this very slight dip of 1.2% comes on the back of September’s all-time high of £816, and rents are now 4.7% higher than a year ago.

Regional picture

Four out of 10 regions in England and Wales saw rents increase despite the overall slowdown in October. In the lead, the East of England has seen rents rise by 0.7%, while a 0.4% rise was recorded in the North East.

At the other end of the spectrum, rents in the South East lead the generally downwards monthly trend, dropping by 2.5% between September and October. This is followed by the South West with a 2.1% monthly dip and by London where rents are 1.1% lower than in September.

Adrian Gill, director of Your Move, said: “The very peak of the lettings season has now passed – which means better deals are possible for tenants looking to rent later in the autumn.

“However, there has been no huge change in the fundamentals pushing rents higher than in previous years. The fact remains that the private rented sector is growing rapidly, driven by demand – and new properties coming onto the rental market are letting like hot cakes.”