London rents fall 7.5% over last 12 months

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The average rent across the UK has fallen, according to the latest data from estate agents Your Move. The company released its latest information on the amount people across Britain are paying for housing, revealing that rents have fallen particularly sharply in the capital.

This is not the case across the country, of course. For example, rents have risen in the east of England by 7.4 per cent over the last year and 1.6 per cent in March alone. It now costs an average of £883 per month to rent a home in this region, while the average cost for England and Wales stands at £800 per month.

However, for the most part rents have fallen across the UK. London is still the most expensive place to live in the UK, with monthly housing costs standing at £1,203 per month. However, this is a 7.5 per cent decrease compared to March 2016’s cost of £1,297 per month to rent in the capital.

The cheapest place to rent in the UK is still the north-east of England, which is more than half as cheap as London. The average cost of renting in this region was £525 per month in March, which is a 3.7 per cent decline compared to February and a 3.1 per cent drop over the last 12 months.

Rents have also dropped in the south-east of England, which was previously seen as the most desirable area to live outside London. This appears to be changing, with the east of England now claiming second place after the capital; as can be seen by its increasing rents.

Valerie Bannister, Your Move’s lettings director, said: “In previous months we have seen rents in the South East rise as people looked to move beyond the capital, but it is the East of England which appears to be seeing the benefit. Though rents have dropped in the South East as demand continues to outstrip supply for affordable housing, the area remains good value for renters.”

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Written by: Houseladder