Average rents drop but landlords continue to see ‘i...

Private rents dropped marginally in October compared to the previous month, according to the latest figures from letting agents Your Move.

The data shows that rents across England and Wales fell from an all-time high of £907 per calendar month in September to an average of £900pcm in October.

Wales was the region with the fastest annual growth with rents rising by an average of 8% year-on-year to £591pcm.

Other areas to see strong growth include the East Midland and East of England, with rents in both these regions increasing by an average of 6% year-on-year to reach £628pcm and £856pcm respectively.

London remains the area with the highest rents, at £1,290pcm in October, up 1% year-on-year.

The North East of England was the only region to see rents fall, down 1% year-on-year to an average of £541pcm, while rents in the South West remained unchanged at an average of £668pcm.

Your Move director Adrian Gill said: “After a turbulent year for the economy it is no surprise the rental market has paused for breath this month.

“Despite economic uncertainty and the European Union referendum result, the lettings market has powered through the year so far.

“The underlying market remains strong and we expect growth to resume in future months.

“Landlords continue to see impressive yields and the UK property market continues to be a safe and secure place to invest.”

The typical rental yield in October was 4.7%, the same as the previous two months. However, it is down compared to the 5.1% recorded in October 2015.

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