Rents drop in most regions
Kim Lidbury, of ARLA Propertymark, says: “Some of the pressure in the rental market is beginning to ease."
Rents dropped in all but one English, Welsh and Scottish region last month, it has been revealed.
The latest data by Propertymark claimed that Scotland saw the largest monthly drop of 3.4%, taking the average rent in the region to £1,134.
It is followed by the North West, which fell 2.5% to £1,109, while London and the South West both dropped 2.1% to £2,415 and £1,256 respectively.
The East Midlands was the only region where rents rose, edging up 0.1% to £991.
Some of the pressure in the rental market is beginning to ease.”
By contrast, it is a different picture for rents year-on-year, according to the data.
It found that the typical salary required to secure an average-priced rental property rose in several regions.
Scotland saw the sharpest annual increase, with the salary requirement up 3.4% to £34,020.
Regional differences
The regional differences are stark, with a tenant needing a salary of £26,160 in the North East compared with £72,450 in London.
Kim Lidbury, President of ARLA Propertymark, says: “The September figures suggest that some of the pressure in the rental market is beginning to ease.”
She adds: “While it is encouraging to see rents fall in some of the UK’s most expensive markets this month, affordability remains a significant concern for many renters. The longer-term solution is not simply to focus on rental prices, but to ensure there is a sufficient supply of good-quality homes to meet demand.”
