London is the only region where rent prices have dropped on a year-on-year basis, falling 1.3 per cent to £1,271 per month according to Your Move’s September rental tracker.
The company says it is still the most expensive place to rent in England and Wales, the second most expensive place being in the South East at £895. Of the regions surveyed the North East is still the cheapest place to rent despite the average price increasing 0.2% to £535 in September.
In July the North East and Wales also saw annual falls in rent price but returned to growth in September, with average prices now at £535 and £588 respectively.
Annually, the biggest growth in rent price has been 4.3 per cent in the South West, where rent now averages £686 per month.
The fastest rent price increase was in the East Midlands where renting costs on average £656, up 2.4 per cent on the previous year, and the South East where rent has gone up 1.8% and stood at £895 per month in September. The South East had the third fastest rent growth of 1.8 per cent to £895.
You Move found tenant arrears was up to 10.1 per cent in September from 9.7 per cent the previous month. It says the slight increase does not bring the level close to the recent July 2017 13.7 per cent peak of rent in arrears, or the all-time high of 14.6 per cent in February 2010.
