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Most regions in the UK saws rental prices fall in October and while they are still higher than a year ago the last three months data indicates a cooling in the market, according to the latest index. Outside of London the average monthly rent is now £708, according to the HomeLet index which also shows that Plymouth, Cardiff and Leeds most affordable major cities to rent in the UK while London, Edinburgh and Birmingham are least affordable. Overall the rents landlords are charging on new tenancy agreements are continuing to fall across the UK with rental prices dropping in seven out of 12 regions of the country in October 2014. While rents for new tenancies in October were still higher than in the same month of 2013, HomeLet has now recorded lower rental prices in each of the past three months in many regions, indicating a cooling in the rental market. Regions that have previously recorded high growth such as Greater London, East Anglia the South East and the South West of England are now recording falling rental prices. In Greater London, for example, rents levied on new tenancies signed in October 2014 were 3.8% lower than September 2014. In the South East, rents fell 3.1% and in East Anglia prices dropped 5.4%, while the South West saw the biggest monthly drop with rents falling by 9.3% Meanwhile, in areas of the country where rents have not been rising quite so fast, October saw continued growth. In the North East of England, rents on new tenancies rose by 3.8% in October and in the East Midlands, October’s increase was 3.4%. A breakdown of the figures show that in Scotland the average monthly rent it £587, down 4.4% month on month but up 2.6% annually while in Wales it is £597, down 1% month on month and up 3.3% year on year. Northern Ireland saw monthly rents fall 6.3% to £578 but up just 0.9% year on year. The average monthly rent in East Anglia is £781, down 5.4% compared with September but up 8.5% annually. In the South West it is £787, down 9.3% month on month and up 3.6% annually while the South East saw rents fall 3.1% to £880, an annual rise of 7.3%. In the North West rents increased by 1.7% on a monthly basis to £671 and are up 7.5% year on year. Yorkshire and Humberside also saw a monthly rise with rents up 0.2% to £608 and up 4.8% annually. In the North East rents increased by 3.8% to £528 and are up 2.3% year on year while the West Midlands saw a rise of 0.6% to £660 but rents are 11.7% higher than a year ago. The East Midlands also saw a rise with rents up 3.4% to £605 and up 2.9% annually. London, which tends to be on a different trajectory to the rest of the country, saw rents fall by 3.8% compared to September,… Continue reading →
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