UK average rental prices fall
29th Mar 2012
The average monthly price of renting a UK property fell last month, according to the latest report.
Research by LSL shows that rents dipped slightly as an increasing number of tenants made their first move onto the property ladder to beat the end of the stamp duty holiday.
The data, published in the company's latest Buy to Let Index, shows that the average rent in England and Wales fell by 0.6 per cent in February to £707 per month, after a rise in January.
In spite of the monthly drop, rents continue to rise on an annual basis, increasing by 3.5 per cent on February 2011's figures, which represents a £24 rise over the last 12 months.
The greatest decreases were recorded in the East Midlands, where rents fell by 2.2 per cent, and the West Midlands, where they dropped by 1.8 per cent.
However, rents increased in three regions, rising 0.7 per cent in the north-east, 0.5 per cent in Wales and 0.5 per cent in the south-west.
David Newnes, director of LSL, commented: "With fewer tenants than usual actively competing for properties, combined with a slight improvement in the number of rental properties becoming available, many landlords priced less aggressively to avoid the prospect of a void period."
© Zoopla Property Group Limited