The average rent charged in England last month only increased by 0.2%, this is lowest monthly increase seen in over 6 months.
London’s rents have increased faster than any other region in the last year, however even the monthly rate of increase slowed in this area. So it seems there is a countrywide lull in the increase with many tenants giving a sigh of relief.
On a month by month basis across the UK, rents grew the fastest in the South East and the East of England. They rose by 1.5% and 0.8% respectively when compared with September’s figures. Rents fell in just 3 regions on a month by month basis, dropping by 1.4% in the North East and the South West, and by 0.8% in Wales. The rest of the country remained in the continuing increase section.
Despite the slower pace of rental increase, tenants are now paying a higher rent amount as prices have risen for 9 consecutive months standing at a new record high. The average yield for Landlords remained steady at 5.3%.
As a result of the above figures, London’s annual increase also slowed, falling to 5.7% from 5.8% in October. The second biggest increases seen over the year were in the West Midlands and the South East where rents rose 4.6% and 4.4%.