Rents across England and Wales dipped on a monthly basis between September and October, according to the latest Buy-to-Let index from Your Move and Reeds Rains.
The average rent in October stood at £806, down from September’s record high of £816.
However the annual rent figures made for more optimistic reading. In the last 12 months, average UK rents rose by 4.7%.
Landlords are able to charge tenants a higher rent as the private rented sector has grown rapidly. This has been driven by incredibly high demand, meaning that any new property coming to the market is being let quickly.
However, four out of the 10 regions in England and Wales defied the slowing monthly rent growth trend.
Taking top spot was the East of England, which saw rents rise 0.7% from September to October. Rents in this region reached a high of £604pcm, while Yorkshire and Humber also witnessed a new record, as rents reached £552pcm.
Adrian Gill, director of estate agents Reeds Rains and Your Move, comments: “Rents are beginning to cool off for the year in the large and important rental markets of London, the South East, West Midlands and the North West. But an interesting split has developed this month. All along the eastern edge of the country, there has been a sustained upwards trend in rents.”