Average rents in the capital are now nearly £100 a month lower than a year ago
Following 12 months of decline, the latest buy-to-let index from lettings agency Your Move has revealed that monthly rents in London are now standing at an average of £1,203 - a 7.5% year-on-year drop from the £1,297 reported at the same point last year.
In March alone, rents in the capital saw a sharp fall of 6% over the month, as the organisation pointed out that tenants have switched their focus to regions outside the city.
While London still remains the most expensive place to rent in England and Wales, the South East of England slipped down from second place, after seeing a 3.9% month-on-month decrease and an annual fall of 0.9% in March.
Following a big year-on-year upswing of 7.4%, the East of England has become the second most expensive place to rent - with average rents in the region now standing at £883.
On a national level, the average rents in England and Wales are now standing at £800, after seeing an increase of 0.2% over the month of March.
Wales reported the highest increase in rental income over the month, as rents increased by 7.7% to an average of £639.
The region was followed by the South East, the East of England and the North West, where rents rose by an average of 6.3%, 1.7% and 0.6% respectively.
Commenting on the Index, the Lettings Director at Your Move, Valerie Bannister, 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 as rents here have risen 7.4% in the last year.”
Last week, tenant referencing firm HomeLet reported that Wales saw the strongest annual rental growth in March, with a year-on-year increase of 1.1%.