Average rents across almost the entire UK fell in September, according to new figures from Propertymark. This decline was observed in 10 of the 11 regions surveyed, potentially offering some relief to tenants.
Scotland experienced the most significant monthly decrease, with average rents falling by 3.4% from £1,174 in August to £1,134 in September. Rents in the North West dropped by 2.5% to £1,109, while London and the South West both saw declines of 2.1%. The East Midlands was the only region to record an increase, with average rents rising by 0.1% to £991.
Despite these monthly rent reductions, the wider picture for affordability is mixed. Propertymark's rental price and salary tracker shows that Scotland recorded the largest annual increase in the income needed to rent, up 3.4% to £34,020. London continues to be the most expensive rental market, with average monthly rents of £2,415, requiring an annual income of £72,450 to meet the affordability threshold.
Conversely, Yorkshire and Humberside saw the biggest annual reduction in the income required to rent, down 3.6% to £28,830. The North West followed with a 2% fall to £33,270. However, affordability pressures increased in other regions, with income requirements rising by 1.5% in the North East, 1.4% in London, and 1.1% in the South West.
Kim Lidbury, president of ARLA Propertymark, noted that the September figures suggest some easing of pressure in the rental market. However, she stressed that a monthly fall in rents does not necessarily translate to improved affordability, highlighting the importance of increasing rental supply and retaining landlords to create a more stable market.