Rents have fallen across a swathe of the UK but affordability remains a key challenge for the market.

That’s the view of Propertymark in its latest rental market snapshot.

South East England recorded the largest monthly fall with average agreed rents down 1.8% from £1,525 in July to £1,498 in August.

London also suffered – rents dropped 0.7% from £2,484 to £2,467 – and  Scotland saw a 1.2% fall from £1,188 to £1,174.

But rents increased across every other region.

Wales and Yorkshire and Humberside enjoyed monthly increases of 0.7% each while rents rose 0.8% in the East Midlands and East of England.

The West Midlands saw a 0.6% increase; the North West at 0.5%, North East 0.3%; and South West at 0.1%.

Despite the monthly fall in rents, London still faces greatest affordability challenge.

A representative salary of £74,010 is now needed to secure an average-priced London rental property.

That’s 3.3% higher than the £71,670 required a year ago. The salary required rose 2.1% in Scotland, 1.5% in both the North East and West Midlands, and 1% in the East of England over the past year.

Elsewhere affordability has improved, at least slightly.

The required salary is down 3.7% in Yorkshire and Humberside and down 1.2% in the North West.

Kim Lidbury, President of ARLA Propertymark, says: “The latest figures show that rental markets continue to vary considerably across the country, with rents falling in some regions while increasing in others. 

“These movements reflect the underlying balance between supply and demand, as well as the availability and type of properties coming to market.

“Where demand continues to outstrip supply, competition for available homes can place upward pressure on rents. 

“At the same time, landlords are operating in an environment of rising costs and significant regulatory change, all of which can influence the viability and affordability of providing rental homes.”