The price of hire fell by 2.4% in November, marking the fourth month in a row that hire has fallen, the Goodlord Rental Index has revealed.
Costs peaked at £1,496 in July earlier than dropping all the way down to £1,245 in November.
William Reeve, chief government of Goodlord, mentioned: “We’re seeing a sample develop throughout these essential figures.
“While month-on-month rental averages proceed to reflect the seasonal ebbs and flows we’d anticipate of the market (notably 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 information being set subsequent 12 months and one other intense 12 months for the market, notably 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 largest shift was seen in Larger London, the place costs had been 4.5% decrease throughout November, adopted by the North West, which noticed a 4.3% discount.
12 months-on-year rents proceed to rebound
The tempo of year-on-year rental inflation remains to be excessive, as in comparison with November final 12 months 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 vital year-on-year rise was recorded within the North West, the place costs are 6.6% greater in comparison with the identical time final 12 months. This was adopted by the North East, the place costs are up 5% year-on-year.
