The rate of rental growth has dipped to its lowest annual rate this year - prices are up three per cent year on year across the UK after three months of slowing growth.
Tenants signing up to a new agreement during September agreed, on average, to pay £910 per month in rent. Although this is up three per cent on last year, it represents a monthly reduction of 0.8 per cent when compared to August.
Rental price inflation has slipped from a high-point of 4.5 per cent in March and the rate of increase has now fallen in each of the past three months.
This slowing rate of increase reflects modest decreases in average rents in many areas of the country, which may suggest overall affordability thresholds have been reached according to HomeLet.
Even so, rents have continued to rise in almost every area of the country on an annual basis, with 10 out of the 12 regions surveyed recording an increase to September.
Of the other two regions, Scotland recorded a 1.7 per cent decrease on September 2015, with the average tenant signing up to a new tenancy agreeing to pay £610 a month rent. Meanwhile, rents in the north east of England were unchanged.
Regional figures are as follows:
- West Midlands: £665 average rent, 5.6% rise over 12 months
- East of England: £904, up 4.7%
- Wales: £609, up 4.1%
- North West: £683, up 4.0%
- Northern Ireland: £594, up 3.2%
- Greater London: £1,555, up 3.0%
- Yorkshire/Humberside: £621, up 2.2%
- East Midlands: £602, up 2.1%
- South East: £1,020, up 1.7%
- South West: £799, up 1.2%
- North East: £530, unchanged over the year
- Scotland: £610, down 1.7%