Rents fell last month for the first time in 10 months, according to the latest Buy-to-Let Index from LSL Property Services.
In November, the average rent in England and Wales fell by 0.4% to £717 per month, a drop from £720 pcm in October. This is the first month on month fall since January this year. Annual rental inflation also slowed to 3.5%, a decline from 4.1% in October. Despite the seasonal decline, the average property rent is £25 per month higher than in November 2010.
On a monthly basis, rents fell in six regions, with the biggest declines in the East Midlands, where they fell 2.2%, and the South East, where they fell by 2.1%. The largest rises were Yorkshire & the Humber and Wales, where rents increased by 1.2% in both regions.
However, in the last 12 months rents have risen in all regions. The fastest rising rents on an annual basis were in London and the South East, where rents rose by 4.2%. The smallest rises were in the North East and the South West. London’s rents rose compared to October, increasing by 0.3% to £1,033 pcm, despite the annual rate of increase slowing. Nevertheless, for tenants, this represents a rise of £41 per month compared to November 2010.
David Brown, commercial director of LSL Property Services, said: “Following their relentless march upward throughout the year