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London rents fall - but there's some glimmer of hope, says Your Move

The corner may have turned for the London rental market as prices grew between April and May, according to the latest Your Move Rental Tracker. 

While rents in the capital are slightly down compared to a year ago, the agency insists there are green shoots of recovery for the market. 

Your Move found that prices in the capital rose by 0.3 per cent between April and May. However, on an annual basis rents were slightly down by 0.6 per cent.

The capital remains the most expensive place to rent in the country, with an average price of £1,265 per calendar month. London was one of only two regions to post an annual fall in rental prices. 

The other was the East of England, where rents dropped by 2.0 per cent in the last 12 months. The average rent in this region is now £874. 

The West Midlands saw the biggest price rises, with the typical home now being let for £643. This is 4.1 per cent higher than found in May 2018. 

Across England and Wales the average property was let for £863 in May, representing a 0.2 per cent rise when compared to both the previous month and May 2018’s figure. 

On a non-seasonally adjusted basis, the average rent was £836 in May this year. 


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