Rents edge downwards for first time in eight months

Rents have fallen on a monthly basis for the first time in eight months, according to Your Move and Reeds Rains.

The firms, both part of LSL, said November’s rents were down 0.2% compared with October.

Monthly rents last month across England and Wales averaged £768.

The slight dip reflects the usual seasonal trend, with landlords keen not to have empty property over the winter months and motivated to lower their prices.

Despite this seasonal slowdown, rents have risen more quickly than inflation on an annual basis.

Compared to November 2013, the average rent across England and Wales has now risen by 2%, or 1% in real terms.

There were some regional differences, with rents rising on a monthly basis in the midlands by 1.7%, and in London and the east of England, where rents went up by 0.4% in both regions.

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