Rents fall in October

Rents across England and Wales dropped by 1.2 per cent fell in October taking the average to £806 per month, according to the latest buy to let index from Your Move and Reeds Rains. Rental price falls were led by the South East where they dropped by 2.5 per cent month-on-month, followed by the South West, down 2.1 per cent, and London where they fell by 1.1 per cent. But despite the fall in rents between September and October, they remain significantly higher than a year ago, with average rents having increased by 4.7 per cent in the 12 months since October 2014. On an annual basis, London leads the way with rents 10.7 per cent higher year-on-year, while rents increased by 8.9 per cent in the East of England and 5.7 per cent in the East Midlands. By contrast, rents in Wales are 6.7 per cent lower than a year ago. With the festive season rapidly approaching, better deals will almost certainly be made available for tenants seeking to rent later in the autumn, but there has been no huge change in the supply-demand fundamentals pushing rents higher than in previous years, according to Adrian Gill (left), Director of…

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