Rents dropped from their record high in September to £900 in October, according to Your Move.
The agent’s latest Buy to Let Index shows that recent rent increases in England and Wales levelled off in October, with the average property being let for £900 per month, down from a high of £907 in September.
Wales had the highest rate of annual growth with rents up 8% to £591 a month, 2% higher than in September.
London remains the most expensive at £1,289 on average, up 1% year-on-year and 1.4% higher than September.
The North-East of England was the only place to see rents fall compared to last year, dropping 1% to £541 a month.
Meanwhile annual growth was flat in the South-West at £688 a month.
On a monthly basis, average rents dropped 0.8%.
Average yields were 4.7% in October, down from 5.1% the same time last year.
Adrian Gill, director of Your Move, 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.”
Welsh rents went up to recover licensing costs and England is soon to follow.
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Not sure how true this in, given that the numbers for landlords actually complying with Rent Smart Wales were, at least a month ago, shockingly low.
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How do they know rents have gone up 8% when they don’t have any offices in Wales ? https://www.your-move.co.uk/branch-search/Wales|268428771
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