Rents dip below £800 in time for Christmas
- November rents drop 0.9% on a monthly basis, to average £799 per month across England & Wales
- Despite festive dip, annual pace of rent rises stands at 4.0% over the course of last twelve months
- London rents stand 8.9% higher on an annual basis – even as southern regions lead monthly falls
- Tenant finances worsening, with the proportion of all rent payable in arrears rising to 8.2%
- Rising property prices suppress rental yields to 5.0% – but capital gains push total returns to 10.9%
Rents across England and Wales have fallen below the psychologically important £800 mark, according to the latest Buy-to-Let Index from Reeds Rains.
Average rents now stand at £799 per month. This follows a month-on-month fall of 1.2% – down from September’s all-time record high of £816.
Despite month-on-month falls, rents have risen considerablyover the course of the last twelve months. Across England & Wales annual rent rises stand at 4.0%, comparing November 2015 with November 2014. Taking into account CPI inflation of 0.1%, this leaves real-terms annual rent rises of 3.9%.