Double dose of good news for renters

Published by Nathalie Bonney on 20 January 2012.
Last updated on 20 January 2012

rental contract

Renters have received a double whammy of good news, with more rental homes coming onto the market and a fall in average rental prices, according to findaproperty.com.

Rental prices have fallen 3.3% in the last three months. At the same time, the number of available rental properties has risen to its highest level since August 2009, the property website reports.

"This should give more power to renters, which will ultimately result in more freedom, greater choice and a better deal," says Samantha Baden, property analyst at FindaProperty.com.

"Up until quarter four, 2011 had seen both rental stock and asking prices steadily rise, so these new figures will be music to the ears of prospective renters. Whether your New Year's resolution is to find a new rental property – or to start renting – there couldn't be a better time to start looking," adds Baden.

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Regional variations

Average UK rental prices have fallen to £861 – though there are considerable regional variations.

London and the South East are the most expensive regions, with average monthly December rents of £2,086 and £1,080 respectively.

Yorkshire and the North East are the cheapest areas, with renters paying £558 and £573 a month respectively.

In contrast with the rest of the country, rental prices in Wales continue to increase: rising by 1.8% in the last three months.

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