Private Sector Rents Fall In London for First Time in a Year

Private sector rents fell across England and Wales for a second successive month in December, according to new figures. The latest data from LSL Property Services shows the average rent in England and Wales fell by 0.8% in December to £711 per month. But despite the monthly fall, annual rental inflation increased to 4% from 3.5% in November, as tenant demand in December surpassed that of a year ago. And there is concern over the state of tenants' finances with more than 10% of rent paid late or not at all. On a monthly basis, rents fell in seven regions, with the biggest declines in the South East and North East, where they fell by 1.9% and 1.4% respectively. Rents in London fell for the first time since December 2010, with rents falling by 0.9%, compared to a drop of 2.3% a year ago. Download a copy of the report from the LSL website.