The price of lease fell by 2.4% in November, marking the fourth month in a row that lease has fallen, the Goodlord Rental Index has revealed.
Costs peaked at £1,496 in July earlier than dropping right down to £1,245 in November.
William Reeve, chief govt of Goodlord, stated: “We’re seeing a sample develop throughout these vital figures.
“While month-on-month rental averages proceed to reflect the seasonal ebbs and flows we’d count on of the market (significantly within the winter months), the uptick within the tempo of annual rental inflation exhibits that offer and demand pressures aren’t abating.
“This might level in direction of new rental data being set subsequent yr and one other intense yr for the market, significantly because the Renters’ Rights Act comes into impact.”
Rents dropped month-on-month throughout all areas monitored besides from the West Midlands, the place costs elevated by lower than £1.
The most important shift was seen in Better London, the place costs have been 4.5% decrease throughout November, adopted by the North West, which noticed a 4.3% discount.
Yr-on-year rents proceed to rebound
The tempo of year-on-year rental inflation continues to be excessive, as in comparison with November final yr common rents are up by 3.3%.
This 3.3% rise is greater than October’s determine of three.1% and considerably greater than figures recorded in September, when year-on-year rental inflation sat at 2%.
Probably the most important year-on-year rise was recorded within the North West, the place costs are 6.6% greater in comparison with the identical time final yr. This was adopted by the North East, the place costs are up 5% year-on-year.
