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Average rent in Britain down to £974pm in November

The average advertised rental price in Britain dropped to £972 a month in November, down from £974 in October.

Data from Move With Us reveals that, although average rents fell over the course of the month, the North East, East Midlands and Wales all experienced positive growth of between 3 per cent and 7 per cent

Average rents rose 6.46 per cent to £746 per month in the North East. Improving employment figures and promising economic growth have contributed to 14.9 per cent growth rate in two months.

In Wales and the East Midlands, rents rose by 3.02 per cent and 3.45 per cent respectively.

Rents came down slightly in Greater London, by 2.17 per cent to £2,246 a month but, on an annual basis, rents are still 3.44 per cent higher.

Move with Us director Robin King says: “Advertised rental prices provide an early indicator of what is likely to happen next in the market and the statistics in this month’s Rental Index demonstrate further evidence of a stable private rental sector with demand and supply relatively balanced during the month. The North East continues to be a strong performer and will be worth watching closely over the coming months.

“The private rented sector has seen greater demand over the last 12 months as more and more people opt to rent as they can’t afford the deposit needed to buy their own home, or move up the property ladder. Younger generations are also renting for longer periods before choosing to buy.”

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